A Chinese start-up's unfolding dilemma exposes cracks in Beijing's tech funding machine

HANGZHOU, CHINA - JUNE 02: General Secretary of the Lao People's Revolutionary Party Central Committee and Lao President Thongloun Sisoulith watches DR02 humanoid robot performance at Deep Robotics on June 2, 2026 in Hangzhou, Zhejiang Province of China. Wang Gang | China News Service | Getty Images The rush of capital into China's tech start-up world hit a speed bump this month. …