A total of 3,104 venture capital (VC) funding deals worth $47.3 billion were announced in China during January to October 2022, which is a decline of 12.1% in deal volume and 43.7% in terms of value compared to the same period in 2021, finds GlobalData, a leading data and analytics company.

An analysis of GlobalData’s Financial Deals Database reveals that China witnessed 25.1% decline in deal volume in October 2022 compared to the previous month. However, despite the drop, VC funding value increased by 47.9% month-on-month in October.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “VC funding activity in China has remained subdued for the past few months with October 2022 marking the third consecutive month of decline in deal volume.”

Meanwhile, China witnessed a massive 41.8% decline in VC funding value in September 2022 compared to the previous month. However, there was a rebound in October.

Bose adds: “The growth in funding value in October is driven by the only high-value VC deal – $2.5 billion raised by GAC Aion, the electric car subsidiary of the Chinese GAC Group.”

Some of the other notable VC funding deals announced in China during October 2022 include $325.5 million raised by Guangdong SMIC Seed Technology Co., Ltd., $277.8 million raised by Hithium, $139.2 million raised by Tiankang Pharma and $137.8 million raised by Hebei Kuntian New Energy.