Early Xiaomi Backer to Surpass Funding Goal in Major China Test.

China's 5Y Capital is set to exceed its goal of raising $700 million for a venture fund, indicating renewed investor confidence in China's internet sector. The oversubscribed fund has a cap of $800 million and is expected to close early next year. The success of 5Y Capital's fundraising is seen as a positive sign for China's startup scene, which has been impacted by Covid lockdowns, regulatory crackdowns, and trade tensions with the US. The firm, known for early investments in companies like Xiaomi and Kuaishou, has previously raised $1.7 billion for two US-dollar funds and manages around $5 billion in total assets. [Extracted from the article]

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