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Laxman Pai, Opalesque Asia:

Even though the total number of venture capital deals has decreased in the past three years, the total value of venture capital investment in the e-commerce sector in Asia has grown continuously.

According to Preqin, in 2018, 942 deals were completed for a record-high total value of $34bn.

Emphatically, China has dominated the e-commerce market in Asia, recording 503 deals in 2018 which amounted to $21bn - this accounts for 62% of the total deal value in the e-commerce sector in Asia in that year.

Among the notable transactions, Pinduoduo, Inc.'s Series C funding raised $3bn from Tencent and Sequoia Capital, taking its valuation to $15bn.

Pinduoduo, Inc. is a mobile social e-commerce platform and is backed by various private equity firms including Sequoia Capital, IDG Capital, Gaorong Capital and New Horizon Capital.

China boasts a booming e-commerce market

Without a doubt, China boasts a booming e-commerce market. According to CNNIC (China Internet Network Information Center), 610 million people in China shopped online at some point in 2018.

Every year on 11 November in China, there is a popular shopping festival called Singles' Day, which was initiated by Tmall, an e-commerce platform operated by Alibaba Group.

According to Preqin, this huge festival has smashed the record for total sales each year. At the 2018 Singles' Day, the sales record on Tmall reached CNY 214bn.

In recent years, China has......................

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