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Pretty accurate, yeah.

I'll paraphrase part of a piece by Yangling Jiang RE: VC $ in China and why the "hot money" era is over 

- China's consumer brand growth from the early to late 2010s, known as the "consumption upgrade," was built on the economic and social progress of the 1990s and 2000s.
- The 2010s was $$$$$$ for Chinese consumer-facing startups, driven by native Chinese founders and significant venture capital investment.
- Then came the decoupling of China-US capital markets, many companies were forced to delist from US and that significantly reduced U.S. venture capital investments in Chinese companies. That stalled everything out.
- VC $ in China from U.S. investors hit a decade low in 2023, forcing consumer startups to shift focus from rapid expansion to profitability.

There are still domestic startups but the scene has totally changed. The successful ones will change with it and survive.

Jiang's full piece is here:

https://www.chineseconsumers.news/p/why-are-stores-closing-in-droves

Good context on why the Chinese startup scene is sluggish now 

TL;DR - American venture capital flight due to decoupling

H/t @jianbing.eth for the insight

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