Blockchain spending in China in the areas of investment and financing deals has dropped over 40% in 2019.
According to a joint study by China’s government-run financial information and media firm Xinhua and financial data platform Rhino Data, the total amount spent in blockchain investment deals has accounted for 24.4 billion Chinese yuan ($3.6 billion).
Over the year 2019, China had a total of 245 investment and financing deals which is roughly 60% less than in the preceding year.
Officially released by Xinhua Finance on Jan. 15, the study says that that figure dropped 40.8% in 2019 compared to 2018. The report notes that both the value and number of deals have significantly increased since 2017.
As such, the year 2018 remains the peak in terms of blockchain investment spending for China so far, with over 600 deals taking place across the year, while 2017 accounted for just 168 deals, according to the data.
As part of the study, Xinhua found that early-stage investments like Series A funding rounds accounted for 43.3% in 2019, while the proportion of strategic investment and mergers and acquisitions in the second half of 2019 increased significantly. Additionally, 292 institutions have totally participated in those investments, with Beijing, Shenzhen, and Hangzhou attracting the biggest blockchain projects.