In China they are worried about "Losing Face"

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Unicorn IPO's with large losses

Gartman: "a world of “Unicorn” IPOs that come to the market with years of stunningly large losses and yet rush to huge premiums over the offering price is a world we are not comfortable in. Indeed, this is a world we are very, very uncomfortable in."

— zerohedge (@zerohedge) April 18, 2019