INSIGHTS | Following the VC money

5 min read
Numbers and graphs splash across the ticker display at the Shanghai Stock Exchange located at the Lujiazui Financial District in Pudong, China on April 4, 2019. (Image Credit: TechNode/Eugene Tang)
Numbers and graphs splash across the ticker display at the Shanghai Stock Exchange located at the Lujiazui Financial District in Pudong, China on April 4, 2019. (Image Credit: TechNode/Eugene Tang)

I’ve been following the China tech industry on and off for almost ten years. In that time, I’ve seen quite a few booms and busts, but surprisingly, the conversation follows a clear pattern:

First, people start asking if this is a bubble. While the question nearly always answers itself (yes), VCs and entrepreneurs are wary of answering directly. Instead of “bubble,” they’ll use words like “frothy” or “dynamic.”
Next, when it’s clear that the bubble is about to pop (or already has), everyone starts talking about a “capital winter,” a very apt met

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