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Semiconductors and EVs will buck against the slump in 2023 after funding halved for China’s tech start-ups last year

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The business environment is expected to improve this year. The Central Economic Work Conference, an annual meeting of China’s top leadership that concluded on December 16, said that the government will look to internet platforms to play a role in reviving the slowing Chinese economy.

The good news for investors in 2023 is “the ease of pandemic controls and Beijing’s vow to make economic development a priority”, said Wu Meimei, a senior analyst at ITjuzi. “But the tech giants will continue to reduce their external investment this year, and it takes time for the economy to recover” before investor confidence recovers.

Wu expects tech start-up investment to revive in the second half this year, but the distribution depends on how each industry will perform.

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China’s largest shipment of electric vehicles sets sail from Shanghai port

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China’s largest shipment of electric vehicles sets sail from Shanghai port

New energy and semiconductors were the most popular industries for investors in 2022. Among the top 30 companies that raised the largest sums of money, 13 were new energy and electric car makers, followed by semiconductor and new material start-ups, of which there were seven, according to ITjuzi.

One of the biggest pulls for 2022 was from Aion, an electric vehicle marque of Guangzhou Automobile Group, which raised 20.9 billion yuan in two rounds. The consumer credit unit of Ant Group also saw a significant funding boost last year, raising its capital base by 10.5 billion yuan, a move to allow it to increase its loan balance.

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New energy and semiconductors are both important strategic industries for China. Beijing is seeking to become more self-reliant in producing advanced chips amid a tech rivalry with the US, and it has laid out a goal of reaching peak carbon emissions by 2030.

“The industries that converge with the nation’s direction will be worth more attention, including new energy and semiconductors,” Wu said, adding that healthcare is another industry to watch out for in the post-pandemic era.

The news is published by EMEA Tribune & SCMP210520-twitter-verified-cs-70cdee.jpg (1500×750)

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