China has always had a solid reputation for high-speed manufacturing, but when it comes to highly-valued ventures, the country may just have outdone itself last year. Consider this: in 2018, in spite of an extended trade war with the US and in the face of an economic slowdown, 25 private Chinese companies were valued at a total of $58.05 billion.
In 2018’s H1, China’s FinTech companies raised ~$35 billion (over 80% of the global total) and three giants took more than half of the amount fundraised in China. Which giants? Ant Financial, Du Xiaoman Financial, and the new one on the block, JD Finance, raised ~$17.8 billion, accounting for more than half the total amount of funding in China for the year.
A lot has been said about China’s growing tech unicorn culture. Some contend that such growth is inevitable, considering the overwhelmingly massive number of mobile and internet users in the country. Others make the argument that this could be a bubble in the making. It’s way too early to take a definitive call on this, but it’s impossible to deny – the ongoing Chinese FinTech growth story is an immensely fascinating one.