VC firms shrug off chill in the equity market

BEIJING - Though China's stock market is cold, more venture capital (VC) institutions are cultivating early-stage companies.

"VCs may feel it's winter as companies involved with their funds face problems in getting listed, but it's a bright time for early-stage investment," said Xu Xiaoping, founder of the Zhen Fund and former vice-chairman of New Oriental Education & Technology Group.

Only 154 Chinese companies with VC or private-equity backing are being listed in China or abroad by the end of November, compared with 221 last year, said Ni Zhengdong, Zero2IPO group chairman.