To examine which factors affect the performance of technology business incubators in China, the present study proposes an entrepreneurial ecosystem framework with four key areas, i.e., people, technology, capital, and infrastructure. We then assess this framework using a three-year panel data set of 857 national-level technology business incubators in 33 major cities from 28 provinces in China, from 2015 to 2017. We utilize factor analysis to downsize dozens of characteristics of these technology business incubators into seven factors related to the four proposed areas. Panel regression model results show that four of the seven factors related to three areas of the entrepreneurial ecosystem, namely people, technology, and capital areas, have statistically significant associations with an incubator's performance when applied to the overall national data set. Further, seven factors related to all four areas have various statistically significant associations with an incubator's performance in five major regional data set. In particular, a technology related factor has a consistently statistically significant association with the performance of the incubator in both national model and the five regional models, as we expected.