China's start-ups are lying about their funding rounds

Start-ups are raising more money, and the industry is growing. That growth is real – nobody in the industry could doubt that. But those massive funding rounds you’ve read about? Many of them are fake.   That’s the allegation put forward in a report from Chinese news site Tencent Tech, which says that 80% of the country’s start-ups are lying about their funding rounds. The article quotes famed Chinese investor and Zhenfund founder Xu Xiaoping as saying that phony funding numbers are “a new kind of tacit understanding in the ...