Shen Peng, founder and CEO of Chinese online insurance technology firm Waterdrop Inc, speaks during an interview with Reuters ahead of the company’s U.S. initial public offering (IPO) on New York Stock Exchange (NYSE), in Beijing, China May 7, 2021. REUTERS/Tingshu Wang – RC2TAN9JXXRD
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MUTUALLY INSURED DESTRUCTION. Online insurance platform Waterdrop closed down read more 19% on its first day of trading in New York. Amid Beijing’s campaign against the fintech sector, the offering was a tough sell. Still, the Tencent-backed (0700.HK) company raised $360 million after pricing shares at the top of the
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Zhang Yiming built ByteDance Ltd. into the world’s most valuable private company via a string of blockbuster apps like TikTok that challenged Facebook and other incumbents on their own turf. His latest target: Alibaba.
The 38-year-old AI coding genius, searching for ByteDance’s next big act, has set his sights on China’s $1.7 trillion e-commerce arena. The co-founder has hired thousands of staff and roped in big-name sponsors like Xiaomi Corp. impresario Lei Jun to drive what he calls his next “major breakthrough” into global
As it prepares to go public, Coinbase is still struggling to provide support to customers who have issues with funds being available, or their accounts being hacked or locked, according to a report by the New York Times. The exchange is often considered to be one of the safer bets for those looking to invest in crypto, but the story shows that users who run into trouble could be left out in the cold.
The Times tells the story of dozens of customers who have had money stolen from their accounts, or who have had their accounts locked
Texans Will Pay for Decades as Crisis Tacks Billions Onto Bills
(Bloomberg) — Now that the lights are back on in Texas, the state has to figure out who’s going to pay for the energy crisis that plunged millions into darkness last week. It will likely be ordinary Texans.The price tag so far: $50.6 billion, the cost of electricity sold from early Monday, when the blackouts began, to Friday morning, according to BloombergNEF estimates. That compares with $4.2 billion for the prior week.Some of those costs have already fallen onto consumers as electricity customers exposed to wholesale prices wracked
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