There will be a lot less money sloshing around China’s tech startups next year—at just the time when they’re going to need it most. VC firms that invest U.S. dollars in Chinese tech startups have raised far less money this year than in the past. Such firms have raised $4.2 billion this year so ...

More than 50 percent are urban, and two in downtown San Francisco attract more than a billion dollars each in venture capital.