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China tech

Wall Street banks chase Chinese unicorns after WeWork IPO scare

Airbnb becomes latest to lean toward direct listings

NEW YORK -- The postponed stock market debut of WeWork's parent company has prompted Silicon Valley startups to consider the advantages of a direct listing over a traditional initial public offering, a shift that could leave Wall Street banks more dependent on Chinese unicorns.

Venture capitalists such as Sequoia's Mike Moritz and executives from tech companies including Spotify and Slack gathered for a private meeting Tuesday in San Francisco to discuss the merits of direct listings, a method referred to at the event as "a simpler and superior alternative to the IPO," an attendee told the Nikkei Asian Review.

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