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Chinese startup investment soars to record heights

Investors flock to smartphone services, high-tech ventures

Bike-sharing service Mobike, along with rival Ofo, have raised hundreds of millions of dollars from investors.

SHANGHAI -- Venture capital deals in China surged 70% to a record 236.4 billion yuan ($34.3 billion) last year, while smartphone-based consumer services such as bicycle-sharing company Ofo have been among the big winners recently, though whether this meteoric growth will continue remains uncertain.

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