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Finance

Chinese venture capitalists take a shine to startups again

Success against virus, rivalry with US and central bank kick-start funding boom

Chinese startups raised about $33 billion from investors in the first eight months of 2020, with the amount surging in the most recent months.   © EPA/Jiji

SHANGHAI -- Zong Wenhao, the chief executive of Shanghai DominantTech, an autonomous driving startup, recently breathed a sigh of relief as his company managed to raise additional capital after months of frustration.

The funding valued the company at 100 million yuan ($14.6 million), a 10th of what Zong had expected, but the fact that the Shanghai-based startup was able to attract fresh investment after having sought it out since the autumn of 2019 speaks to the recuperation of the market.

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