Zhangyue: We Caught A Fake Unicorn, And Cut It From Our List

We just caught someone swimming naked. Beijing-based e-book mobile app developer Zhangyue publicly announced in 2016 that it had raised a financing round of US$100 million at a valuation of US$1 billion. It was, the company said, a genuine unicorn. But facts tend to come out when companies try to list on public markets. And as we read through its prospectus for an IPO in Shenzhen filed last month, it turns out that Zhangyue raised only RMB400 million (US$60 million) ...We Caught A Fake Unicorn, And Cut It From Our List appeared first on China Money Network.