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H2 2021


GREATER CHINA VENTURE REPORT

March 18, 2022


Download report

VC dealmaking in Greater China remains resilient, but uncertainty looms

VCs invested a near-record $113.8 billion in the Greater China region last
year—a remarkable total given tightened regulations from Beijing on foreign IPOs
that should have drastically affected the venture market.

The impact could still occur, according to our H2 2021 Greater China VC Report,
as investors active in the region signal that they may take a more cautious
approach. Still, strong dealmaking across a range of sectors and stages
underscores the importance of Greater China to global investors.

Key takeaways

 * Capital continued to flow in from abroad, with more than 950 deals including
   participation from an investor based outside the region.
    
 * The IT hardware sector set records in both deal value and count, with the
   final figures increasing 86% and 26% year over year, respectively.
    
 * Exit value totaled a record $239.0 billion, a significant portion of which
   came from IPOs, highlighting VC liquidity's reliance on healthy public
   markets.
    
 * Fundraising continued to fall, with the lowest total raised since at least
   2015 and a third consecutive year of declining fund count.


Interested in sponsoring future editions of this report? Visit our media
partnerships page to learn more.


Table of contents

Introduction 2 VC deal activity 3 Dealmaking 5 Investor breakdown 8 Deals by
sector 9 Deals by region and native currency type 13 Exits 14 Fundraising 16

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 * Greater China Venture Report

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