Beijing unicorns tap US$240bil private market

Fund search: An investor walks past a screen showing stock market figures at a securities company in Hangzhou. Startups in Asia are hoping potential private backers will continue to focus on the opportunities for capital. — AFP

HONG KONG: China’s recent crackdown on overseas listings has thrown a wrench in the works of startups looking to go public, driving them to pursue investors in Asia’s rapidly growing private capital markets.

JPMorgan Chase & Co estimates the fundraising amount in private capital markets for entrepreneurs in Asia surged to over US$240bil (RM1.04 trillion) last year from about US$100bil (RM418bil) in 2017, driven largely by Chinese firms.