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Map: 10 cities powering China’s PE growth

A handful of Chinese cities, aided by government policies and geography, have quickly given rise to industries and businesses that are catching PE investors’ attention.

China has long been a powerhouse for Asian private equity. While the country experienced a sharp decline in PE deals due to a slowdown in economic growth during the pandemic, it still accounted for over a quarter of PE investment in Asia in 2022.

Much of this activity is concentrated in a handful of urban centers. The four so-called first-tier cities—Beijing, Shanghai, Shenzhen and Guangzhou—and six fast-growing second-tier cities accounted for 63.4% of total Chinese PE deal volume between 2016 and 2022, according to PitchBook data.

These cities, aided by favorable government policies and geographical advantages, have quickly given rise to industries and businesses that are catching investors’ attention.

Here are the 10 Chinese cities whose companies attracted the largest number of PE deals between 2016 and 2022.



Featured image of Shanghai by chuyuss/Shutterstock

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