BRUSSELS—Europe has overtaken China in creating billion-dollar tech startups, according to a new analysis that points to Europe’s rising status in the field and the effect of Beijing’s crackdown on capitalist entrepreneurialism.

Over the past year, China has reined in its most successful and freewheeling tech giants, including Alibaba Group Holding Ltd. , Tencent Holdings Ltd. and Didi Global Inc., casting a chill across the whole sector. Europe, meanwhile, has attracted further investment in its expanding tech industry, particularly from U.S. funds.



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