Mr Zhou said the diminishing interest in dollars, especially in the country’s hot hard tech sector, was in part because founders were nervous about potentially being subject to US sanctions in the future. Beijing has also been pushing for indigenous development. “Chips, robots, AI, the Chinese government also wants these kinds of companies to get listed in China, not the US,” Mr Zhou said. The drop in dollar funding for start-ups comes as large international investors pull back from pouring money into China-focused private equity and venture funds. China funds raised only $US14 billion ($20.4 billion) last year, down from...