????9月4日，一群中國(guó)天使投資人在雨夜中聚集在北京科技寺眾創(chuàng)空間,。在那里,，一些初創(chuàng)公司正對(duì)投資者進(jìn)行“電梯游說(shuō)”，他們來(lái)自北京和上海,，是正在快速增長(zhǎng)的創(chuàng)業(yè)大軍中的一部分,，現(xiàn)場(chǎng)來(lái)聽(tīng)講的有100多人。但這個(gè)夜晚最后快要結(jié)束時(shí),，壓軸登場(chǎng)的換成了投資者來(lái)給創(chuàng)業(yè)者提出一些忠告,。

????最不容忽視的一條就是：竭盡所能地籌集一切你能拿到的資金，因?yàn)槭袌?chǎng)正在轉(zhuǎn)變風(fēng)向,。

????求索創(chuàng)投管理合伙人James Tan在成都和北京兩地都在進(jìn)行天使投資,，他把自己的演講題目定為“冬天來(lái)了”,。他說(shuō)，就在過(guò)去一年半時(shí)間里,，25%的中國(guó)初創(chuàng)公司進(jìn)行了融資,。在A股暴跌以及人們對(duì)中國(guó)經(jīng)濟(jì)形勢(shì)普遍擔(dān)憂(yōu)的情況下，投資增長(zhǎng)不光難以為繼,，局面還可能發(fā)生反轉(zhuǎn),。他表示：“我們告訴自己投資的公司要盡快去找下一筆融資?！?/p>

????的確,，來(lái)自投資中國(guó)網(wǎng)和《21世紀(jì)經(jīng)濟(jì)報(bào)道》的數(shù)據(jù)顯示，今年第二季度,，互聯(lián)網(wǎng)行業(yè)VC/PE融資規(guī)模環(huán)比下降了一半,，跌至37億美元。

????目前風(fēng)險(xiǎn)最大的,，是數(shù)千家一直在不計(jì)成本爭(zhēng)取用戶(hù)且遲遲不愿考慮盈利問(wèn)題的公司,。其中許多都來(lái)自政府和BAT三巨頭大力支持的O2O領(lǐng)域，分屬食品快遞,、教育等十幾個(gè)行業(yè),。

????“冬天來(lái)了”的氛圍意味著這些燒錢(qián)的公司無(wú)望開(kāi)展新一輪融資。舉例來(lái)說(shuō),，據(jù)《21世紀(jì)經(jīng)濟(jì)報(bào)道》稱(chēng),，8月底，一家銷(xiāo)售蔬菜水果等農(nóng)產(chǎn)品的的中國(guó)初創(chuàng)公司裁員1500人,，它已無(wú)法再度融資,。

????從全球來(lái)看，大大小小的初創(chuàng)公司都難逃風(fēng)險(xiǎn),。硅谷資深投資人Bill Gurley剛剛警告說(shuō),，增長(zhǎng)周期比盈利更重要的風(fēng)氣將終結(jié)。上周早些時(shí)候,，《財(cái)富》雜志曾報(bào)道,，美國(guó)西海岸風(fēng)投界越來(lái)越擔(dān)心那些“垂死的獨(dú)角獸”。

????在中國(guó),，創(chuàng)業(yè)公司也感覺(jué)到了類(lèi)似的信號(hào),。（財(cái)富中文網(wǎng)）

????譯者：Charlie

????校對(duì)：詹妮

????On a rainy night last Friday in Beijing, a group of China’s angel investors was huddled inside a shared work space for startups named Tech Temple. They were part of a crowd of 100 that came to hear elevator pitches from some of the rapidly growing number of startups in Beijing and Shanghai, but the end of the night was devoted for investors to give advice.

????The biggest one: raise all the money you can now. Because the market is turning.

????James Tan, managing partner of Quest VC, an angel in Chengdu and Beijing, titled his talk ‘Winter is coming.’ He said 25% of Chinese startups were funded in just the past year and a half, growth that not only couldn’t continue but that would reverse amid China’s stock market sell-off and general uneasiness about China’s economy. “We tell our companies to go and raise [funding] as fast as you can,” he said.

????Indeed, venture capital financing for Internet companies is down 50% in second quarter this year, to $3.7 billion, according to Chinaventure.cn and the 21st Century Business Herald.

????The most exposed companies are the thousands who have added users at any expense and put off thinking about profits. Many are part of the online to offline (O2O) industry in China, which has been promoted by the central government and China’s big three tech companies—Tencent Holdings Ltd TCEHY -1.01% , Alibaba Group Holdings BABA -0.33% , and Baidu Inc. BIDU -2.24% They are in food delivery, education, and dozens of other industries. (Click here to read Fortune’s coverage of Tencent’s evolution into a VC targeting O2O startups this summer.)

????The ‘winter is coming’ atmosphere means that fundraising rounds are drying up for the companies burning through capital. In late August, for instance, a Chinese startup selling vegetables and fruits from the countryside laid off 1,500 employees, the Business Herald reported, when it couldn’t raise more money.

????If anything, the world’s startups look like they’ll be exposed together. Silicon Valley veteran Bill Gurley was just warning that the cycle of growth being more important than profits might be ending. Fortune reported earlier this week that VC companies on the West Coast are increasingly concerned about ‘dying unicorns’.

????China’s companies are hearing the same drumbeat.