An absolutely fantastic presentation, although some of the pages aren't loading for me. As a non-Chinese startup guy who has lived in China for about a decade, my only quibbles with the stuff that loaded:

(1) As much as I love Beijing, Shanghai is better for startups that are in branding or sourcing. Shanghai has a more established local angel and VC network too, but the investment community is not very sophisticated, and even with revenues you won't get a decent valuation. Investors feed copycats because they are cheap to build and the business model is taking them public.

(2) It is not worth raising money in China.

(3) There is no culture of acquisitions and once companies establish a decent business model, the Chinese government usually intervenes in some regulatory fashion. This tilts the field in favor of larger companies and organizations like Baidu or Tencent or Sina, who tend to build-their-own as opposed to partnering.