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#itjuzi In 2024, China's new economy primary market recorded 5,696 investment deals, an increase of 58 compared to 2023, marking the first rebound since 2021. Total financing amounted to 676.06 billion yuan, down 12.28% YoY, reaching the lowest point in nearly 9 years.

#itjuzi In 2024, the average primary market deal was 119 million yuan, down 13.13% YoY, falling below the benchmark for the fifth straight year. Over the past decade, 2014-2017 was below benchmark, 2018-2020 rose to a peak, then declined.

#itjuzi 2024 avg primary market deal: 119M yuan, down 13.13% YoY, 5th straight year below benchmark. Past decade: 2014-2017 below benchmark, 2018-2020 peaked then fell.

By transaction volume, RMB dominates China's primary market, accounting for over 90%. In 2024, RMB transactions totaled 5,530 (97%), while USD transactions fell to 150 (3%), declining for the fourth consecutive year.

By transaction amount, USD financing accounted for 32%-43% in the first 7 years, playing a significant role. However, the gap between RMB and USD financing has widened recently. In 2024, RMB accounted for 89%, while USD fell to 11%.

Over the decade, financing share for Beijing, Shanghai, and Shenzhen startups dropped: deals fell from 65% in 2015 to 38% in 2024, amount from 70% to 43%, signaling regional shifts, other areas rising, and more diversified investment.

IT Juzi statistics show that Beijing, Shanghai, Shenzhen, Hangzhou, Suzhou, Guangzhou, Nanjing, Chengdu, Wuhan, and Hefei are the top 10 most active cities for venture investment in China.

Data shows a decline in investment deals across cities over the past decade. Beijing, Shanghai, and Shenzhen, as traditional hotspots, saw Beijing's deal count significantly higher than others in the early years (2015-2016), followed by a sharper decline.

Hangzhou's investment deals fluctuated slightly, maintaining fourth place. Suzhou grew rapidly post-2021, surpassing Hangzhou with 472 deals in 2024 to become the fourth hottest city. Guangzhou, Nanjing, Chengdu, Wuhan had fewer deals, with limited growth over the decade.

Geographically, while Beijing and Shanghai long maintained leading positions in investment volume, recent years have seen a noticeable decline. Guangdong's investment activity has fluctuated, reaching parity with Beijing and Shanghai by 2021.

Notably, Jiangsu Province has emerged strongly in the past three years: surpassing Beijing and Shanghai to claim second place nationally in 2023, then overtaking Guangdong in 2024 to become China's most active venture capital region for the first time.

The data shows that over the past decade, the proportion of A+, B+, and C+ round investments has continued to increase, while D+ and E+ rounds have remained low with little fluctuation.

Overall, in China's new economy primary market investments over the past decade, single investors and cases with 2-5 investors have been the most common, with their shares remaining relatively stable.

There were 38,071 single-investor deals and 30,176 deals with 2-5 co-investors (90% market share). Deals with 6-10 investors totaled 2,937, 11-20 investors 399, and 21-30 investors 14. Only 1 deal had over 30 investors - Ant Group's 2018 Series C (31 investors/$10.3B).

2024 data shows: 2,953 solo investments, 2,167 deals with 2-5 investors, and 232 deals with 6-10 investors. The past decade saw 14 deals with 21-30 investors. Undisclosed investor deals kept declining, with 317 cases (6%) in 2024.

2024 Primary Market Funding Distribution: <¥100M: 4,510 firms (86.3%), 22.5% of total ¥100-500M: 559 firms (10.7%), 21.4% of total ¥500M-1B: 81 firms (1.55%), 8.52% of total >¥1B: 74 firms (1.42%), 47.55% of total Key Insight: Top 1.42% firms secured nearly half of total funding.

In 2024, there were 2,270 Series A round (including Pre-A, A, and A+ rounds) financing deals domestically, accounting for the largest proportion of total financing deals at 40%, but representing only 19.71% of the total amount;

Now: Where is the money flowing in the 2024 market? Strategic investment deals numbered 918, accounting for 16.12%, ranking third. However, they had the highest financing amount, totaling 372.233 billion yuan, representing 55.06%.

Seed round investment deals numbered less than one hundred, accounting for the smallest proportion at just 1% of total investment deals. Both in terms of deal count and amount, Series C and later round investment deals accounted for relatively low proportions.