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Chinese startups draw more money than U.S. firms in first half – report

Early stage companies in China for the first time since 2010 received more venture capital financing in the first half of 2018 than new companies in the U.S., according to a study by Preqin and INSEAD Global Private Equity Initiative.

Chinese firms received a total of $55.8 billion in the first half compared with $42.2 billion for U.S. companies in the same period, the study, released Tuesday, showed.

China-based startups received $64.4 billion in venture capital for all of 2017, compared to $71.8 billion for U.S. companies. In 2010, venture capital firms invested $27.9 billion in U.S.-based startups vs. $4.6 billion in Chinese early stage companies.

Almost 51% of the venture capital-backed companies valued at $1 billion or more — known as unicorns — are based in the U.S. Still, 31% of unicorns worldwide, and five of the 10 largest, are based in China. Ant Financial Services Group, with a valuation $150 billion as of July 1, is the largest unicorn in the world, followed by San Francisco-based Uber Technologies Inc., valued at $71.5 billion as of the same date.