Asia is certainly not insulated from the meltdown of such high profile unicorn-valued companies as Snapchat, Square and Dropbox. Chinese and Indian startups are right there in this fall-out too.

The threat of another tech bubble bursting is real as venture-backed companies fail to raise money at valuations that come close to their prior round of finance - along with the realization that some of these unicorns are never going to turn a profit. Indeed, they may not survive at all. 

Chuan Thor, a VC at Highland Capital Partners, said he knows of one Chinese startup that took a "significant down round" of $380 million from its prior $800 million financing. Several others including Bill Li of Walden International mentioned that it's becoming more common for VC-backed companies to get bridge loans or go for venture debt instead of equity in a down round.

Unicorns from China, India and Southeast Asia currently account for about one-quarter of some 125 startups globally with a valuation of $1 billion or more - an amazing data point considering that Asian VC was barely on the map 15 years ago while Silicon Valley was going strong. Tops on the list are Xiaomi, Flipkart and Didi Kuaidi. Read Forbes, Fate of Asian Unicorns