Chinese VC investment in Latin America has spiked to $1bn since the beginning of last year, up from a mere $30m in 2015, according to Preqin data. Investors such as Tian Ge Interactive and bike-sharing outfit Ofo are expecting the region to produce the next wave of tech innovation and they want to buy on the cheap.
Latin America is no safe bet, though.
"It’s risky and these companies will need to localise their products," Tang Jun, a deputy director at the Institute of Latin American Studies at Zhejiang International Studies University, told Bloomberg. "There will be political environment risk, as many parts of Latin America often go through quick cycles and turbulence."