It’s a bad time to be a Chinese startup. A slowdown in venture capital is squeezing the country’s smaller tech hopefuls. Many have flocked to a dysfunctional over-the-counter (OTC) market. Some cash-strapped groups may sell out to larger rivals, or cut costs and hope for the best.China’s venture capital funds are raising less money and making fewer deals compared to a year ago. Larger, well-established outfits have benefited as investors prefer less risky bets.

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