Early Xiaomi Backer Qiming Slashes Fund Goal to $600 Million

Qiming Venture Partners is slashing its new fund targeting Chinese AI and healthcare startups by a quarter to $600 million, in a sign of lingering caution among global investors about the country’s tech scene.

Qiming, an early backer of Meituan and Xiaomi Corp., lowered its target from $800 million after prospective investors signaled a preference for smaller pools, people familiar with the matter said, asking to remain anonymous discussing private deliberations.