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VC investment in China hits new high

By Bi Xiaoning (chinadaily.com.cn)
Updated: 2009-01-19 18:59

Venture capital(VC)'s investment in China's mainland hit its highest level in 2008 to reach $7.31 billion, up 33.3 percent over a year earlier, according to a report released by market researcher Zero2IPO Group on Monday.

According to the report, 81 VC companies from home and abroad raised 116 funds in China's mainland last year, doubling the fund number from 2007.

The report pointed out that renminbi funds were quite active last year, with total investment reaching $1.394 billion, accounting for 33.1 percent of total investment by VC.

The report also said the global financial turmoil affected the exit channel of China's VC market very directly. Only 43 VC projects in China got money back through the IPO market, with the number dropping by 57 percent from 2007.