China's telecommunications, media and technology industry attracted record investments by private equity and venture capital firms since 2012 in the second quarter, PricewaterhouseCoopers said in a report yesterday.
The TMT industry lured US$5.35 billion worth of investments spread over 214 deals in the April-June period, a two-and-a-half-year high. The figure is equal to the total investment for the TMT industry in the first half of 2013, PwC said in the China MoneyTree Report.
Gao Jianbin, technology industry leader of PwC China, attributed the growth to the resumption of A-share IPOs, a rise in the value for a single deal, and investments that were held back by the Spring Festival holiday in February.
Gao said successful listings in China and the US have driven up valuation of companies.
"Since 2012, there has been a trend for Chinese TMT companies to list in the US," Gao said. "Listings on both Nasdaq and NYSE reached a peak in the second quarter of this year."
The report said that in the first half of this year, the e-commerce and mobile sectors within the TMT industry drew most deals exceeding US$100 million.