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  3. China’s venture capital party may be about to get quiet. This year, for the first time, Chinese start-ups raised more cash than

China’s venture capital party may be about to get quiet. This year, for the first time, Chinese start-ups raised more cash than

admin2022-01-20  42
问题     China’s venture capital party may be about to get quiet. This year, for the first time, Chinese start-ups raised more cash than their Silicon Valley counterparts, notching up $56 billion in six months. But the excitement may be cooling as the year ends, thanks to tougher regulation and a slowing economy. A shakeout could easily follow.
    It has been a blowout 2018. For the first half of the year, a study released this week by the data provider Preqin and Insead business school suggests that China beat the $42 billion raised in the United States by some way. That’ s largely thanks to a huge funding round for Alibaba’ s financial affiliate, Ant Financial, as well as some other chunky efforts. But it’ s a high-water mark regardless. As is, perhaps, SoftBank’ s mooted move to place a team in China to help spend its giant Vision Fund, after years of investing remotely.
    The coming months look less exuberant. The likes of SoftBank and Singapore’ s Temasek still have plenty of money to plow into splashy names like the news and video-sharing app ByteDance. Others are less enthusiastic, if figures for China-focused venture funds are anything to go by. In the 11 months to mid-November, around 70 such funds raised just over $15 billion, Preqin estimates; that compares to $40 billion or so raised by 330 funds in all of 2016.
    All of this suggests increased nerves. The vast majority of Chinese unicorns that listed this year, including the takeaways-to-taxis app Meituan Dianping and the smartphone-maker Xiaomi, are now underwater. Just a small fraction of those $1 billion-plus companies, including video-streaming companies Huya, Bilibili and iQiyi, have risen above their initial public offering prices. Rocky starts like that of the Alibaba-backed parenting site Babytree, which debuted last month at a valuation below its last funding round, won’ t help.
    What most of this year’s debutantes have in common is that they bet on local consumers, one way or another. But those shoppers look more fretful. Changes to rules on education, fintech and gaming have only added to the strain. Weaker companies may fall by the wayside.
According to the text, the next stage of venture capital of China is becoming________.
选项 A、promising
B、steady
C、sluggish
D、fast
答案C
解析 推断题。根据题干关键词定位到第一段China’s venture capital party may be about to get quieter(中国风险投资的喧闹可能要安静下来了)。第四段第一句指出The coming months look less exuberant(接下来的几个月看上去没那么乐观)，第四段第三句指出Others are less enthusiastic(其他投资者已不那么热情了)，第五段第一句指出All of this suggests increased nerves(所有这些都表明不安情绪在增长)。由上述内容可知，中国下一阶段的风险投资将变得疲软，promising“有希望的”、steady“稳定的”和fast“快速的”均不符合题意。故本题选C。
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