Chinese investors have begun talking about the recent “irrational” valuations of Chinese tech startups and a potential tech bubble in China.

A couple of days ago, David Zhang, founding managing partner at Matrix Partners China, wrote an open letter, titled “A Bubble is Out There”, to all the CEOs of their portfolio companies.

Apart from worries about the U.S. stock market and the increasingly high valuations of western startups, Mr. Zhang points out the “irrational exuberance” in early stage investments in China’s TMT (telecommunications, media and technology) market.

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Tracey Xiang

Tracey Xiang is Beijing, China-based tech writer. Reach her at traceyxiang@gmail.com