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DeepSeek's artificial intelligence breakthrough has led to an "avalanche" of interest in Chinese tech firms over recent months .
VC investment into China -based companies has fallen for the last three years , according to Pitchbook data.
"People are rushing just to find the next Deepseek," said Annabelle Yu Long , founding and managing partner of BAI Capital in Beijing .
Beijing is signaling clear support for the market that's been hit by regulatory crackdowns.
Premier Li Qiang's work report last week said China would work to "accelerate the development of venture capital investment and the growth of patient capital" Forebright , which has several billion U.S. dollars in assets under management, plans to make at least five to six investments this year .
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