China continues robust VC financings in Q3: KPMG report

BEIJING — China's mainland recorded robust venture capital (VC) activities in the third quarter, with artificial intelligence (AI) and automotive engineering the key areas of investment, according to a report released by international auditing firm KPMG.

Continuing the momentum from the second quarter, companies based on the Chinese mainland completed 95 VC deals, raising $10.2 billion between July and September this year.

China's mainland accounted for half of the top 10 global VC financings, the report said.

A number of mega-deals were reached, including a $2 billion fundraising by news aggregator Toutiao and a $1.6 billion deal raised by electric vehicle manufacturer BAIC BJEV.

The report highlighted AI, robotics, and other tech-enabled next-generation sectors in China that are attracting significant investment, with the pace expected to continue.