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💰103 China Startups Funding Reached $3.17B last week!
The largest sectors were:
- Semiconductors at $908.9M
- Auto tech at $543.3M
- AI at $368.5M
#ChinaTech #VentureCapital #Startups
Here are the top 5 deals 👇👇
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1. 🚗 Neta Auto 哪吒汽车 should receive $447M from Zhejiang Taiyi Shenglian under a draft restructuring.
It would take 70.62% of parent company, Hozon.
The founder may lose everything. 😭
#EV #ChinaTech #Auto
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D-Robotics raised $400M Series C led by Korean Mirae Asset.
Founder CEO Wang Cong spun the company out of Horizon Robotics in 2024 with its AIoT team. After 8M+ chip shipments, they're building the hardware-software layer beneath the robot boom. prnewswire.com/news-releases…
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ForLong Biotech, developing engineered cytokine therapies, raised over RMB100M ($14.9M) in a Pre-B close led by Fosun Pharma's fund. Founder Ying Tianlei is a distinguished Fudan professor and director of a synthetic immunoengineering research center. finance.sina.com.cn/jjxw/202…
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Apex Intelligence, building self-evolving AI for scientific discovery, raised nearly $50M. IDG Capital, LinkX Capital and XtalPi co-led. Founder & CEO Chen Yongchao, 27, is an assistant professor at Tsinghua University's Institute for AI. finsmes.com/2026/09/apex-int…
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🚖 Zhaofu (a Robotaxi JV by Hello + Ant Group + CATL) raised nearly $100M at a nearly $3B post-money led by Shanghai Pioneer Fund.
163.com/dy/article/L6UKJOU00…
AlphaPai (AI investment research assistant) raised $50M from China Insurance Investment, GF Xinde and Qiming.
Founder Luodan Li is a former investment-research executive and 2020 Forbes China 30 Under 30 honoree.
China fintech making a comeback?
en.prnasia.com/releases/apac…
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💰78 China startups raised $968.7M last week.
Semiconductors took $457.6M - nearly half of disclosed funding.
Healthcare followed at $161M;
1 defense-tech deal drew $71.4M.
Here are the five largest rounds in 🇨🇳
#ChinaTech #VentureCapital
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AI capex is now a debt race:
• ByteDance: $29.6B syndicated loan
• Meta: $30B bond + $29B private credit
• Amazon: $25B bond
• Alphabet: $25B borrowed
• Microsoft: still cash-funded
China's biggest AI bet is financed just like Silicon Valley's. #AI
bloomberg.com/news/articles/…
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💰Congrats to Qupital (@QupitalFinance) on its $300M Series C led by M Capital, with ABS commitments from @mufgbk_official and Quester Capital
This HK trade-finance fintech startup is eyeing overseas expansion and an IPO. 👀
en.prnasia.com/releases/apac…
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IPO filing: ASR Microelectronics (688220.SH) filed for a Hong Kong listing - ranked #1 globally in cellular connectivity chip shipments in 2025 (37.8% share). Sponsors: Morgan Stanley, Haitong Intl. Confirmed via company announcement. newtimespace.com/en/ipo/1446…
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Confirmed via debut trading: Enflame Technology opened +188% on Shanghai's STAR Market - 410 yuan vs its 142.18 offer - for a ~176B yuan market cap. The Tencent-backed AI chipmaker raised ~$912M on a 6,109x online oversubscription.
scmp.com/tech/tech-trends/ar…
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China vs World: the AI-lab listing race.
1️⃣ China: DeepSeek taps CITIC for STAR; Moonshot weighs HK + STAR; Z.AI and MiniMax already listed in HK
2️⃣ US: Anthropic preps an October IPO; OpenAI still private
3️⃣ IPO path is decoupling too - domestic exchanges first
reuters.com/world/chinas-dee…
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Reported, not yet confirmed: Moonshot AI is weighing a dual Hong Kong + Shanghai STAR listing, SCMP reports. The Kimi K3 maker confidentially filed in HK last week, eyeing a ~$3B raise, and could soon open talks with the Shanghai bourse.
reuters.com/world/china/chin…
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Update - confirmed via day-one close: Excelland Robotics ended its Hong Kong debut +153.8% (HK$14.45 -> HK$36.68), a ~US$1.3B market value on a ~US$83M IPO raise. The Wuxi company makes delivery service robots.
caproasia.com/2026/09/09/chi…
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Reported, not yet confirmed: Alibaba is leading a $300M round in UniPat AI at a $2.5B valuation. UniPat, founded late 2025 by former Alibaba Tongyi intern Li Kuan, builds AI training and evaluation data. Tencent and Sequoia China also in.
bloomberg.com/news/articles/…
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Two debuts, one week: Longsys Electronics raised $903M and opened flat. Excelland Robotics, a fraction of its size, opened +142%. HK retail is no longer paying for memory scale - it is paying for robots.
thestandard.com.hk/finance/a…
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Who owns China's embodied-AI week?
1️⃣ PHYMI: ~$100M seed - IDG Capital, Didi, Hesai, Yunqi, FOSUN RZ, Glory Ventures
2️⃣ Tianji: strategic B++ - co-led by Ant Group and SOFINA, Gaorong and Tencent doubling down
3️⃣ Wuwen Zhike: Series A - Hongtai Fund leads
New money keeps clustering upstream: data, simulators, and force control.
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Investor watch: Ant Group just co-led robotics maker TJ Robotics (Tianji)'s strategic B++ round with SOFINA. This is Ant's second embodied-AI lead this year, after co-leading Jianzhi's multi-round financing with Didi in June.
Source: Dealroom dealroom.co/news/149555-tj-r…
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DeepSeek has tapped CITIC Securities to work on a domestic IPO, Reuters reports, citing sources. The engagement, not previously reported, signals the Hangzhou AI startup is moving along in its listing plans.
Reported, not yet confirmed: reuters.com/world/chinas-dee…
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Chinese embodied-AI startup PHYMI raised a near-$100M seed round led by IDG Capital. Founder Liu Nianqiu was previously VP at self-driving unicorn DeepRoute.ai.
Didi, Hesai, Yunqi, FOSUN RZ and Glory Ventures joined.
Confirmed via DealStreetAsia: dealstreetasia.com/stories/i…
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