It seems as if investors see two different versions of China. While publicly traded Chinese stocks flounder, venture capitalists keep pouring more money into Chinese startups.

Even after the Chinese government’s regulatory crackdown wiped $1 trillion off the value of Chinese stocks this summer, there has been no sign of a slowdown for venture capital investments. The $84.8 billion invested in Chinese startups in the first nine months of this year is nearly equal to the $86.1 billion invested in all of 2020, according to research firm Preqin. The data show that on a monthly basis, VC investments in Chinese companies haven’t slowed since July, when China’s regulators began announcing probes of major companies and proposing new rules, causing many Chinese startups to suspend their U.S.-based initial public offering plans.