China may struggle to fund Xi Jinping’s tech ambitions
CHINA’S LEADERS rarely namecheck individual companies. It is rarer still for them to talk up a group’s valuation while it prepares a highly anticipated initial public offering (IPO). That did not stop Li Qiang, the country’s premier, from recently mentioning Unitree, a robotics firm, and the explosion in its valuation from 10m yuan to 42bn yuan ($6bn) in a decade.
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