Investment from Chinese RMB funds has continued to decline over the past quarter, but some state-backed funds have quietly woken up and are tapping the Chinese venture market.
In the third quarter of the year, Chinese state-backed funds invested in a total of 85 projects, making up about 10% of total investment in the market, according to research firm IT Juzi.
Shenzhen Guozhong Venture Capital made nine investments in that time and was the second most active fund in China's venture market.
The Chinese central government and Shenzhen municipal investment fund jointly set up Shenzhen Guozhong Venture Capital in 2016. The fund manages...