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Telecom and tech sector sees more PE/VC funds
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China’s telecommunication, media and technology industry attracted a bigger share of the overall private equity and venture capital investment in the first half of this year and more funds are likely to be injected in the second half, according to a latest report.
The TMT industry’s share of overall PE/VC investment accounted for an average 59 percent in the first six months, a sharp rise from the 46 percent in the year-earlier period, according to the China MoneyTree report on the sector released yesterday by accounting and consulting firm PricewaterhouseCoopers.
“The industry has proved relatively robust in a generally unfavorable investment environment,” said Gao Jianbin, PwC’s China technology industry leader.
In the first half of the year, US$1.65 billion in venture capital funds were invested, the report said.
Around 60 percent of the TMT investment in the first quarter comprised initial funding deals, rising to 65 percent in the second quarter.
Gao predicted investment in the sector in the second half of this year is likely to climb due to a recovering economy.
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