China continues to be the most popular country for venture capital (VC) investors across the Asia-Pacific (APAC) region. A total of 1,542 VC funding deals with a disclosed funding value of $23.7 billion were announced in China during January-May 2022, reveals GlobalData, a leading data and analytics company.

Similar to several other key global markets, China experienced a 14.4% month-on-month decline in VC funding deals volume in May. In fact, May was the second consecutive month of decline in volume. However, the country managed to witness 7.4% growth in VC funding value compared to the previous month.

Some of the notable big-ticket VC funding deals (≥ $100 million) announced in May include $200 million raised by Shence Network Technology (Sensors Data), $132 million raised by Gowin, and $120 million raised by Hangzhou Hongjun Microelectronics Technology (HJMicro).

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “While the decline in deals volume suggests a cautious approach by VC investors, the growth in funding value is indicative of promising startups continuing to gain traction amid the rise in COVID-19 cases and market volatility.”