in all sectors fell back to low levels, and PE/VC investors turned more cautious. Although TMT secto

rs saw a big drop in deal numbers and value compared with the first half amid the lackluster PE/VC inves

tment market, they remained the leaders among all sectors,” Gao Jianbin, PwC China TMT leader said.

The report also said similar to the first half of 2018, the num

ber of PE/VC deals involving startups was the biggest among all categories in the second half, while compan

ies in the expansionary period received the largest investment in terms of deal value. Investors adopted a strate

gy to avoid risks by mainly investing in mature projects that had survived market competition and were in stable development.

“As China officially launched an innovation initiative for the integrated circuit industry an

d a government IC industry fund raised 150 billion yuan ($22.4 billion) in second-phase financing, a number of IC inn

ovation enterprises have been established in the second half of 2018,” said Charline Ni, PwC China technology leader.

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