VC backing for Asia tech sector seen doubling in 2017

Venture capital investments in Asia's tech sector this year are expected to be double that of 2016, with China accounting for the major part, according to a report by CB Insights, a venture capital research and data firm.

China's VC tech investment in the first quarter of the year reached $6 billion, contributing 66 percent of the total invested in Asia, and with 101 projects China has the largest number of venture capital deals in the Asian market, the report said.

Zhang Han, a partner for Redpoint Ventures, a VC firm headquartered in the United States and focusing on the industry and technology sectors, said there was more muted venture capital investments last year than previous years in the wake of the stock market rout in 2015.