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China venture capital investment reaches $1.37bn in Q219/08/2008. Source: AltAssets. 
 Venture investment in Mainland China reached its highest level for five years in the second quarter of 2008, with nearly $1.37bn invested across 71 deals, significantly up from the $662m invested in 69 deals during the same period last year, according to the China Quarterly Venture Capital Report released by Dow Jones VentureSource.
The largest transaction of the quarter was the $430m later stage round for Beijing-based Oak Pacific Interactive, which accounted for 31 per cent of the region's investment total.
China's IT industry accounted for the most deals and investment in Q2, with 28 deals totalling $899m, a huge increase over the $316m invested across 34 deals in Q2 2007.
Jessica Canning, global research director for Dow Jones VentureSource, said, 'Even when we remove the $430m deal from our statistics, the China region still recorded its highest level of venture capital investment since the third quarter of 2003.'
'In all, some $968m, or 71 per cent of all capital invested in China in the second quarter, went to companies in the "information services" and "media, content and information" sectors,' she added. 'By comparison, in the US, only 12 per cent of venture capital investment went into these areas during the second quarter.'
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