As billionaire investor Warren Buffett once said, “It’s only when the tide goes out that you know who’s been swimming naked.”

China’s overly heated venture capital market has spawned numerous startups in 2015, but as dramatic funding slowdown hit the country in 2016, Chinese startups are facing a bleak funding prospect and even once-hot companies are struggling to survive the chilly market. Here are a few high-profile failures that in 2016 and the lessons you can learn from them.

Metao – Never try to outspend a giant

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.