Venture capital and private equity funds totaling 3 billion yuan ($485.6 million) will be difficult to cash out, with 88 Chinese firms supported by VC and PE companies canceling their IPO applications, ChinaVenture Group said on Wednesday.

The 88 companies, out of 166 Chinese firms that have stopped their IPO examination and approval processes, are backed by companies such as Fortune Venture Capital, CSM Group, Jiuding Capital and Shenzhen Capital Group.

Another 714 companies are awaiting examination and approval by the China Securities Regulatory Commission, with about 300 involved with VC and PE funds.