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China's venture capitalists struggle to raise funds

Chinese startups feel the heat as new funding drops 70%

HONG KONG -- China's venture capitalists and the startups they have nourished are facing a shakeout, as funding dries up in the wake of government efforts to contain financial risk.

In the third quarter of this year, the number of new funds registered by China-focused venture capital companies fell 52.8% compared to a year ago, according to Beijing-based research company Zero2IPO. Meanwhile, the total amount of new funding raised by the venture companies plunged nearly 70% to 35.1 billion yuan ($5 billion).

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