Seasoned venture capitalists in China expect the market to take a favourable turn in 2023, but entrepreneurs and their venture backers should not keep expectations of high valuations as bubbles burst across many overvalued industries.
After China relaxed its stringent zero-COVID policy on December 7, venture investors like Wu Shichun could finally breathe a sigh of relief as the domestic market ended about three years of frequent city lockdowns and travel restrictions that had made dealmaking and business trips almost impossible.