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Startups

China's ex-unicorns find success challenging as public companies

Startups battle to win over penny-pinching customers and skeptical investors

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.

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