SHANGHAI -- As any schoolchild can tell you, a unicorn is a mythical, horse-like creature with a single horn and magical powers. It is also the term for unlisted companies valued at $1 billion or more. In China, however, many of these corporate beasts find their post-IPO reality distinctly lacking in magic.
They now find their stock prices below their IPO levels, and some are struggling to bring in enough revenue. Investors are shying away from Chinese stocks as the U.S.-China trade row heats up and companies deal with sluggish earnings.
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