Beijing appears to be nearing the end of a two-year crackdown on the county’s big tech companies. Some of China's most well-known and influential internet companies have been forced to make significant changes.

For years, competition and cheap money led venture-capital firms to invest heavily in early-stage startups. But now, as VCs tighten their belts amid economic worries, some of those startups are facing a slowdown in funding and may have to show a clear pat...