Beneath the bureaucracy: How state capital made (and remade) China’s venture ecosystem
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Beneath the bureaucracy: How state capital made (and remade) China’s venture ecosystem
Between 2019–2023, about one in three Chinese startups received direct investment from state-owned capital institutions, according to internal data from Lighthouse Capital. Even in artificial intelligence, long considered the domain of USD-denominated venture capital funds, state-backed industrial funds in Beijing and Shanghai now lead the cap table. “In today’s market, you can trace state capital to virtually every fund,” one state investor tol…
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