China hits record US$37b in VC deals in challenge to US

Hong Kong

VENTURE capitalists poured a record US$37 billion into China startups last year, more than double the previous year's tally, as the country emerges as a legitimate challenger to the US for leadership of the technology industry.

The surge came as venture firms invested in 1,555 China deals, according to London consultancy Preqin Ltd. The pace of deals slowed in the fourth quarter, with the value of investments dropping about 40 per cent amid a shakeout in Internet services.

China's venture boom created some of the world's most valuable startups, including smartphone manufacturer Xiaomi Corp, ride-hailing service Didi Kuaidi and peer-to-peer lender Lu.com, officially calle…