China's mainland recorded robust venture capital (VC) activities in the third quarter, with artificial intelligence (AI) and automotive engineering the key areas of investment, according to a report released by international auditing firm KPMG.
Continuing the momentum from the second quarter, companies based on the Chinese mainland completed 95 VC deals, raising 10.2 billion U.S. dollars between July and September this year.
China's mainland accounted for half of the top 10 global VC financings, the report said.
A number of mega-deals were reached, including a 2-billion U.S. dollar fundraising by news aggregator Toutiao and a 1.6-billion U.S. dollar deal raised by electric vehicle manufacturer BAIC BJEV.
The report highlighted AI, robotics, and other tech-enabled next-generation sectors in China that are attracting significant investment, with the pace expected to continue.