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Investments in Chinese medtech firms increased in July, making the sector the most invested industry in the country after corporate services.

Some 39 of China’s 335 deals last month involved medtech firms, up from 34 in July, data from TechNode’s China Investment Trends (CIT) shows. The total investment value edged down to RMB 109.8 billion from RMB 110 billion.

Early-stage rounds (Angel, Pre-A, Pre-A) made up 37% of total investments in August and 4.3% of the total value. Strategic investments, IPOs and private placements comprised 35.2%, 17.1%, and 15.6%, respectively.

The data is provided by TechNode’s CIT platform, a database that follows the investments in Chinese companies, especially technology startups. The database tracks investment events in 37 sectors in the country using media and company records to provide customized and visualized data for users. TechNode aims to use this data to bring regular updates on startup investment trends in China.

Artificial intelligence, domestic services, and e-commerce also received relatively large investment amounts in August.

Corporate services received more funds than any other sector in July

Most targets in the top five sectors are still in the initial investment stage

Hifibio Therapeutics, led by the former head of Asian cancer research at Sanofi, received the largest single investment for a startup at RMB 470 million. IDG Capital led the C-round while Sequoia China, VI Ventures, Legend Star, LYFE Capital, Delian Capital, Hanne Capital, and Kite also took part. Founded in 2017 in Zhejiang province, the firm researches and produces antibody drugs to treat cancer and autoimmune disorder.

In terms of all fundraising in August, China General Nuclear Power Corporation was most successful, raising RMB 12.6 billion following a listing in Shenzhen.

Tencent was the most prolific investor in the month, inking eight deals.

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