Unicorns Are China's Innovative Cavalry in Trade War

Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. She previously wrote on markets for Barron's, following a career as an investment banker, and is a CFA charterholder. Read more opinion LISTEN TO ARTICLE 4:03 SHARE THIS ARTICLE Facebook Twitter LinkedIn Email A trade war can be fought on many fronts. As China breeds unicorns, they are being asked to stay at home rather than gallop overseas to enrich U.S. investors. The U.S. pipeline of Chinese IPOs has been light since President Donald Trump started making noises about tariffs in early March. The only billion-dollar offering is the pending sale by e-commerce site Pinduoduo, for which an American listing makes sense because it competes directly with Alibaba Group Holding Ltd and JD.com Inc., which already trade there. Hong Kong, by contrast, has seen a stampede, including the $3.1 billion IPO by Xiaomi Corp. and a planned offering by Meituan Dianping, the world’s Read more