As the slowing global economy turns China’s capital winter into a little ice age, it looks like all but a few tech sectors might have to bundle up heavily for the cold.

Normally one of the world’s most active venture capital markets, China’s technology VC investment boom from 2014 to 2015 brought up a new generation of unicorns such as Bytedance, TikTok’s owner, and ride-hailing platform Didi Chuxing.

But last year, that VC boom turned into a bust as investors struggled to deal with a slowing economy and growing financial headwinds, leaving the country’s cash-ravenous startups in a “capital winter.”

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Wei Sheng

Wei Sheng is a Beijing-based reporter covering hardware, smartphone, and telecommunications, along with regulations and policies related to the China tech scene. Before joining TechNode, he wrote about...