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There is still a ton of action concentrated in the large ecosystems such as Beijing, Shanghai, Shenzhen, Guangzhou, Hangzhou and maybe Chengdu, Wuhan, however there is a ‘ power law ’ at work here and Beijing really dominates in terms of number of deals as well as active investors. Beijing is to Shanghai as Silicon Valley is to New York City in terms of the level of activity - anywhere between 2 to 4 times depending on what report you read.