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China's startup sector faces a venture capital shakeout
Published Sun, Dec 20, 2015 · 09:50 PM
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Hong Kong
KUNGFU Bear had its day.
Wang Run founded the startup in Beijing just over a year ago to let people order inexpensive massages through a smartphone app. As venture capital (VC) money flooded into China, the company raised cash to draw customers and acquire rivals. Its valuation topped US$15 million.
Now, the good times are over for Kungfu Bear and many of China's once-hot startups. After pouring more than US$30 billio…
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