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<ul class="summary-list"><li>Didi's <keyword id="6354763" type="UNKNOWN" weightage="60" keywordseo="ipo">IPO</keyword> will not make investors any money, said <keyword id="3498946" type="PERSON" weightage="60" keywordseo="david-trainer">David Trainer</keyword>, CEO of investment research firm New Constructs. </li><li>The Chinese ride hailing app jumped as much as 28% during its public debut Wednesday afternoon. </li><li>Trainer, however, says the unprofitable company faces stark competition, regulatory risk, and low margins.</li></ul>Investors should steer clear of Chinese riding hailing company <a href="https://markets.businessinsider.com/stocks/didi-stock">Didi</a> following its IPO, a veteran stock analyst said. The company jumped as much as 28% to $18 a share when it began trading on the New York Stock Exchange Wednesday afternoon. It priced an upsized offering of 316.8 million shares at $14, the top of its range.To New Constructs CEO David Trainer, even the mid-range of Didi's IPO price was too high. "At a $65 billion valuation, we do not think investors should expect to make any money in Didi's IPO," he said in a recent note.The veteran equity analyst said the company is worth no more than $37 billion, and Softbank, one of its largest backers, needs the IPO more than investors do. Trainer's analysis stems from the fact that at a valuation near or above $65 billion, Didi will account for 41% of the world's ride sharing and food delivery market. He doesn't expect the company to hit that given the vast competition for market share. Additionally, Trainer sees Didi's business model as just as unprofitable as Uber and Lyft. Didi has an estimated 90% of market share in China, yet hasn't generated a profit yet, and saw losses accelerate during the pandemic, he added."Uber and Lyft have shown investors that ride sharing is not a profitable business because of intense competition, low margins, and a lack of differentiation between services," Trainer said.He also doesn't see Didi's business model evolving as quickly as some investors forecast. "While bulls claim that autonomous vehicles will ultimately eliminate driver costs, such a reality is years away at best," Trainer said. "In the meantime, Didi will continue to offer services below cost and provide driver incentives to attract drivers to the platform, even at the detriment of profitability."The analyst also warned that Didi is at risk of increased regulation in China. In a filing, the company outlines that its business may be subject to heightened regulatory scrutiny by the Chinese government, Trainer said. He pointed to a Reuters report from June that the State Administration for Market Regulation (SAMR) has begun an antitrust probe into Didi Global, specifically looking at whether the firm used "competitive practices that squeezed out smaller rivals unfairly." The SAMR also fined Didi in May for violating anti-monopoly rules.

Didi's IPO will not make investors any money and the business is just as unprofitable as Uber and Lyft, a veteran stock analyst says

<ul><li>US tech stocks stand to gain from China's increased regulatory scrutiny on Didi and others.</li><li>The regulatory crackdown represents "a major black eye" for the Chinese tech sector, Wedbush said in a note on Friday.</li><li>As investors rotate out of China and into US tech stocks, the Nasdaq could surge 10% into year-end, according to Wedbush.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestts&amp;utm_medium=ingest" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>China's increased regulatory crackdown on stocks like Didi and Alibaba will drive a major rotation out of China tech stocks and into US tech stocks, Wedbush analyst Dan Ives said in a note on Friday.Ives sees the Nasdaq surging 10% to 16,000 by year-end, driven by a "nirvana set up" for mega-cap tech stocks as growth stories continue to unfold as part of the "$2 trillion digital transformation," Ives explained.In recent weeks, ongoing regulatory scrutiny has hampered Chinese tech companies, with <a href="https://markets.businessinsider.com/stocks/didi-stock">Didi</a> falling to a post-IPO low on Friday <a href="https://markets.businessinsider.com/news/stocks/didi-stock-price-china-regulators-penalties-cybersecurity-ipo-beijing-2021-7">as Beijing considers unprecedented penalties</a> on the ride-hailing company. Meanwhile, <a href="https://markets.businessinsider.com/stocks/baba-stock">Alibaba</a> and Tencent have faced increased anti-monopoly scrutiny from China, while the <a href="https://www.businessinsider.com/what-happened-ant-group-ipo-jack-ma-alipay-2020-11">Ant Group was forced to abruptly shelve</a> its highly anticipated IPO late last year."The recent Didi IPO and massive regulatory scrutiny out of left field from Beijing has been a major black eye for the Chinese tech sector," Ives said. "We believe these dynamics will yet again bode well for US tech stocks as the favorable backdrop and rotation away from Chinese tech into US tech creates a 'nirvana set up' for FAANG names and the tech sector into the next 6 to 9 months," Ives added.China's crackdown extended to education stocks on Friday, with TAL Education, New Oriental, and Techedu all falling more than 50% on a report that China is considering making Chinese tutoring companies non-profits.Given the out-of-nowhere regulatory scrutiny from China, investors will have a hard time buying Chinese tech stocks as a "major X variable" could be right around the corner at anytime, which is hard for investors to digest, Ives said."[This] has ultimately been and continues to be a major deterrent around owning Chinese tech names and speaks to their underperformance so far this year," Ives said. Of the mega-cap tech stocks Wedbush recommends owning, <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a> remains their favorite, while <a href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a> should be front and center for investors thanks to their cloud exposure. Both names traded near record highs on Friday. Read more: <a href="https://www.businessinsider.com/best-stocks-to-buy-small-midcap-earnings-season-investing-tips-2021-7" target="_blank" rel="noopener">BANK OF AMERICA: Buy these 26 small and mid-size stocks now to take advantage when they beat Wall Street's expectations for the second quarter</a>

The Nasdaq could rise 10% as investors flee Chinese tech companies and flock to US stocks amid Beijing's crackdown, Wedbush says

<ul class="summary-list"><li><keyword id="11893877" type="UNKNOWN" weightage="60" keywordseo="alibaba" source="Orion">Alibaba</keyword> and other <keyword id="11984417" type="UNKNOWN" weightage="60" keywordseo="chinese-stocks" source="Orion">Chinese stocks</keyword> traded higher Wednesday after <keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword> approved the most video games in nearly a year. </li><li>The approval of 60 games suggested Beijing is continuing to loosen up on its crackdown of the tech sector. </li></ul><a href="https://markets.businessinsider.com/stocks/baba-stock">Alibaba</a> shares jumped alongside other US-listed Chinese technology <keyword id="11893878" type="UNKNOWN" weightage="60" keywordseo="stocks" source="Orion">stocks</keyword> Wednesday, with the approval of a new batch of video games in China lifting expectations that Beijing remains on course to further relax its crackdown on the tech sector. Alibaba soared as much as 12% to $117.28, the strongest price for the e-commerce heavyweight since April 4. The rise was later pared to 10%. Shares of rival online retailer <a href="https://markets.businessinsider.com/stocks/jd-stock">JD.com</a> soared 8% to $66.94, its highest since March 4, and <a href="https://markets.businessinsider.com/stocks/bidu-stock">Baidu</a> rose 1.5%. The gains helped push the S&amp;P/BNY Mellon China ADR Index toward a third straight advance. China's National Press and Publication Administration, or NPAA, on Tuesday gave the green light to 60 online games, the largest approval of titles for the country's $45 billion market for online entertainment since July 2021, <a href="https://www.scmp.com/tech/big-tech/article/3180779/chinas-regulators-exclude-tencent-netease-they-approve-60-online-game">according to the South China Morning Post</a>. The approval suggested Beijing is continuing to loosen its regulatory grip on the broader tech sector, a crackdown that's wiped out billions of dollars in market valuation and has weighed on the world's second-largest economy. The SCMP reported the NPAA didn't approve any titles from <a href="https://markets.businessinsider.com/stocks/ntes-stock">NetEase.</a> The company's Nasdaq-listed stock, however, advanced on Wednesday, rising 3% during the session. "The noise around Chinese tech continues to grow. There are increasing hopes that the regulatory onslaught is ending and instead the focus will shift to technology as an engine for economic growth," Huw Roberts, head of analytics at Quant Insight, in a note Tuesday about whether investors are seeing a turning point following the slide in technology stocks. The Wall Street Journal on Monday reported that Chinese authorities were <a href="https://markets.businessinsider.com/news/stocks/didi-stock-price-soars-china-end-cybersecurity-probe-regulators-crackdown-2022-6">ending a cybersecurity investigation of the ride-hailing app Didi</a>. Didi shares climbed 12% on Wednesday. <a href="https://markets.businessinsider.com/news/stocks/alibaba-stock-price-chinese-tech-stocks-regulation-economy-growth-stimulus-2022-4">In April</a>, the Chinese government reportedly said it would introduce measures to support the tech sector and pledged further economic stimulus measures as the country faces the slowest growth in three decades, at 5.5%."Given how brutal the sell-off has been since November 2020 when Beijing first suspended <a href="https://www.businessinsider.com/what-happened-ant-group-ipo-jack-ma-alipay-2020-11">Ant's IPO</a>, bottom-up analysis suggests valuations are cheap and there's increased chat about a catch-up trade," Roberts wrote.

Alibaba jumps 12% as China approves new video games in a further sign Beijing is easing its tech crackdown

<ul class="summary-list"><li><keyword id="10473418" type="UNKNOWN" weightage="60" keywordseo="cathie-wood">Cathie Wood</keyword> says she's keeping an open mind about some <keyword id="391548" type="PERSON" weightage="60" keywordseo="Chinese-stocks">Chinese stocks</keyword> despite Beijing's crackdown.</li><li>Wood cut <keyword id="4513420" type="PERSON" weightage="60" keywordseo="ark-invest">Ark Invest</keyword>'s exposure to China in July as the government targeted tech and education companies.</li><li>But Wood said in a webinar there would likely still be interesting, innovative companies from China.</li></ul>Cathie Wood has said she's keeping an open mind about some Chinese stocks, despite believing valuations could fall further after Beijing's crackdown on big companies.Wood <a href="https://markets.businessinsider.com/news/stocks/cathie-wood-ark-invest-selling-chinese-stocks-regulatory-crackdown-tech-2021-7">sold a lot of her holdings of Chinese stocks</a> last month, as the government tightened its scrutiny of technology and education companies, stripping 8.2% off the value of China's main stock index over the month.But Wood said in a webinar on Tuesday there were likely to still be interesting, innovative companies in China, <a href="https://www.bloomberg.com/news/articles/2021-08-10/cathie-wood-keeps-open-mind-on-china-shares-after-dumping-them">Bloomberg reported</a>."The valuation structure of [Chinese] companies is down and probably not going to come back very quickly," she said, adding that it may decline even more. But Wood added: "I'm sure we're going to find some very interesting companies in the innovation space, and so we're going to keep an open mind there."Read more: <a href="https://www.businessinsider.com/cathie-wood-investing-strategy-chinese-stocks-regulatory-crackdown-ark-invest-2021-8">Inside Cathie Wood's China investing strategy: The Ark Invest CEO breaks down why she's selling out of Chinese stocks - and what she'll be buying instead with the cash raised</a>Wood's Ark Innovation Fund had around 8% of its $23 billion of assets invested in Chinese companies in February, but that had dropped to less than 0.2% as of August 9, according to Bloomberg analysis.Beijing has cracked down hard on education companies, banning those that teach school material from making profits.It has also intensified oversight of big technology firms. Beijing in July <a href="https://markets.businessinsider.com/news/stocks/didi-app-suspended-china-personal-data-collection-2021-7?utm_source=markets&amp;utm_medium=ingestgest">ordered app stores</a> to remove <a href="https://markets.businessinsider.com/stocks/didi-stock">Didi Chuxing</a>, the country's biggest ride-hailing company just days after a blockbuster IPO in New York, causing the stock to fall <a href="https://markets.businessinsider.com/news/stocks/didi-stock-price-china-crackdown-us-ipo-ride-hailing-uber-2021-7">as much as 25%</a> in a day.In a July webinar, Wood said regulatory crackdowns raise questions about whether Chinese companies can become major global players. But she said there would be some winners, with smaller competitors standing to benefit from the clampdown on larger companies.Despite institutional investors going off Chinese stocks, retail investors have been <a href="https://markets.businessinsider.com/news/stocks/retail-investors-buy-the-dip-chinese-stocks-didi-alibaba-regulation-2021-8">snapping up companies</a> as their share prices have plunged, with Didi and e-commerce giant Alibaba among the most-bought stocks on the TD Ameritrade platform in July.

Cathie Wood says she's keeping an open mind on Chinese stocks despite dumping them during Beijing's crackdown

<ul><li>US <keyword id="11931680" type="UNKNOWN" weightage="60" keywordseo="hedge-funds" source="Orion">hedge funds</keyword> have been burned by China's regulatory crackdown in recent months, according to Goldman Sachs.</li><li>The bank found that Chinese <keyword id="11893878" type="UNKNOWN" weightage="60" keywordseo="stocks" source="Orion">stocks</keyword> were the most popular ever among hedge funds at the start of the third quarter.</li><li>The average China ADR has declined by more than 50% since February, according to Goldman.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>US hedge funds seem to have been caught off-guard by China's regulatory crackdown and the ensuing sell-off in Chinese stocks like Alibaba, Tencent, and JD.com.According to a Thursday note from Goldman Sachs, recent underperformance by US hedge funds has in part been driven by their exposure to Chinese stocks."One third of hedge funds in our analysis held a China ADR in their long portfolio at the start of 3Q, contributing to the recent headwinds against hedge fund returns," Goldman explained. The bank analysed 813 hedge funds with nearly $3 trillion in gross equity positions at the start of July.Chinese stocks have seen accelerating declines as companies across all sectors face increased regulatory scrutiny from Beijing. From tech giants like Alibaba and Tencent, to small education tutoring companies based in China, <a href="https://markets.businessinsider.com/news/stocks/chinese-stocks-10-biggest-decline-beijing-regulatory-scrutiny-corporate-crackdown-2021-7">the stock losses have been large. </a>The regulatory crackdown started late last year after Alibaba's Jack Ma made critical comments against several institutions in China, which ultimately led to the withdrawal of Ant Group's highly anticipated IPO. But the losses in Chinese stock prices didn't accelerate until this year. The average China ADR has decline by more than 50% since February, according to Goldman.Chinese stocks most popular with hedge funds include Alibaba, which ranked seven, as well as JD.com, Baidu, Didi, and Bilibili. "At the start of the third quarter, 33% of hedge funds in our sample held long exposure to China ADRs, suggesting funds were generally unprepared for the recent regulatory tightening," Goldman Sachs said.US hedge funds aren't the only ones losing money on Chinese stocks. China's richest tech titans <a href="https://markets.businessinsider.com/news/stocks/china-stock-selloff-tech-billionaires-wealth-government-crackdown-didi-alibaba-2021-08">have seen $87 billion of personal wealth destroyed</a> amid the government crackdown on different industries.

US hedge funds were caught off-guard by China's massive regulation-driven stock sell-off, Goldman Sachs finds

Welcome to <keyword id="11420569" type="UNKNOWN" weightage="60" keywordseo="insider-finance">Insider Finance</keyword>. If this was forwarded to you, <a href="http://newsletter.businessinsider.com/join/4np/insider-finance">sign up here</a>. Plus, download Insider's app for news on the go - <a href="https://apps.apple.com/app/apple-store/id554260576?pt=385758&amp;ct=06292021_newsletters&amp;mt=8amp;mt=8">click here for iOS</a> and <a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider&amp;r[%E2%80%A6]ers%26utm_medium%3Demail%26utm_term%3D06292021%26anid%3Dadmobdmob">here for Android</a>.On the agenda today:<ul><li>Bill Ackman's SPAC is reportedly being sued <a href="https://markets.businessinsider.com/news/stocks/bill-ackman-spac-lawsuit-sued-pershing-square-tontine-sec-psth-2021-8">for not acting like a blank-check firm.</a></li><li>We outlined the firms that won - and lost - <a href="https://www.businessinsider.com/hedge-fund-winners-losers-china-tech-crackdown-tiger-d1-rokos-2021-8">the Chinese stock sell-off.</a></li><li>Now is a really good time <a href="https://www.businessinsider.com/private-bank-wealth-hiring-recruiting-jpmorgan-wells-fargo-rockefeller-2021-8">to be a wealth manager.</a></li></ul>Let's get started. <a href="https://markets.businessinsider.com/news/stocks/bill-ackman-spac-lawsuit-sued-pershing-square-tontine-sec-psth-2021-8">Bill Ackman's SPAC is reportedly being sued</a><a href="https://markets.businessinsider.com/news/stocks/bill-ackman-spac-lawsuit-sued-pershing-square-tontine-sec-psth-2021-8"></a>Billionaire hedge-fund manager Bill Ackman's SPAC is being sued for not operating as a blank-check firm, The New York Times first reported. The suit claims Ackman's SPAC has behaved more like an investment company than an operating company. <a href="https://markets.businessinsider.com/news/stocks/bill-ackman-spac-lawsuit-sued-pershing-square-tontine-sec-psth-2021-8">Here's a closer look at what that means.</a><a href="https://www.businessinsider.com/alvarez-and-marsal-putting-unvaccinated-workers-unpaid-leave-consulting-2021-8">Alvarez &amp; Marsal will place unvaccinated employees on unpaid leave</a><a href="https://www.businessinsider.com/alvarez-and-marsal-putting-unvaccinated-workers-unpaid-leave-consulting-2021-8"><div type="image" title="Vaccine" height="3332" width="4443" msid="85426942" hostid="261"></div></a>Top consulting firm Alvarez &amp; Marsal just announced one of the strictest vaccine mandates yet: get vaccinated or take unpaid leave. Starting Oct. 31, employees who don't get the shot will be placed on a leave of absence, which could last up to six months. <a href="https://www.businessinsider.com/alvarez-and-marsal-putting-unvaccinated-workers-unpaid-leave-consulting-2021-8">Here's everything we know so far.</a><a href="https://www.businessinsider.com/hedge-fund-winners-losers-china-tech-crackdown-tiger-d1-rokos-2021-8">Meet the hedge fund winners and losers of China's sell-off</a><a href="https://www.businessinsider.com/hedge-fund-winners-losers-china-tech-crackdown-tiger-d1-rokos-2021-8"><div type="image" title="A headshot of Daniel Sundheim" height="2912" width="3882" msid="85426948" hostid="261"></div></a>Chinese stocks continued to tumble this week amid new economic data and an ongoing regulatory crackdown <a href="https://markets.businessinsider.com/news/stocks/china-tech-regulation-crackdown-tougher-legislation-key-industries-2021-8">on US-listed Chinese companies.</a> Firms like D1 Capital and Coatue made big bets before the market took a dive, while others, like Tiger Global Management and Sculptor Capital, trimmed their positions early - and avoided serious damage. <a href="https://www.businessinsider.com/hedge-fund-winners-losers-china-tech-crackdown-tiger-d1-rokos-2021-8">Take a look at the winners and losers of the Chinese stock sell-off.</a><a href="https://www.businessinsider.com/private-bank-wealth-hiring-recruiting-jpmorgan-wells-fargo-rockefeller-2021-8">It's a really good time to be a wealth manager</a><a href="https://www.businessinsider.com/private-bank-wealth-hiring-recruiting-jpmorgan-wells-fargo-rockefeller-2021-8"><div type="image" title="headhunters and recruiters sourcing talent for wall street 4x3" height="1800" width="2400" msid="85426949" hostid="261"></div></a>There's hardly been a better time to be a wealth manager: America's wealthy are getting richer, and private firms and banks are staffing up to serve these clients, who often have at least $10 million in assets. <a href="https://www.businessinsider.com/private-bank-wealth-hiring-recruiting-jpmorgan-wells-fargo-rockefeller-2021-8">These are five of the top players on the hiring hunt.</a><a href="https://www.businessinsider.com/tiger-legatus-didi-global-jesse-ro-chinese-stocks-q2-performance-2021-8">Tiger Legatus bet big on ride-hailing app Didi. Then Chinese stocks crashed.</a><a href="https://www.businessinsider.com/tiger-legatus-didi-global-jesse-ro-chinese-stocks-q2-performance-2021-8"><div type="image" title="Didi Global stock symbol" height="3102" width="4137" msid="85426953" hostid="261"></div></a>The firm, seeded by Tiger Management founder and billionaire Julian Robertson, bet big on DiDi Global, <a href="https://markets.businessinsider.com/news/stocks/didi-stock-price-china-crackdown-us-ipo-ride-hailing-uber-2021-7">which has immediately run into trouble</a> since its $4.4 billion IPO. <a href="https://www.businessinsider.com/tiger-legatus-didi-global-jesse-ro-chinese-stocks-q2-performance-2021-8">More on that here.</a><a href="https://www.businessinsider.com/ey-deals-due-diligence-mergers-acquisitions-understaffed-consulting-surging-volumes-2021-8">M&amp;A due diligence is facing a backlog</a><a href="https://www.businessinsider.com/ey-deals-due-diligence-mergers-acquisitions-understaffed-consulting-surging-volumes-2021-8"><div type="image" title="Brian Salsberg" height="2560" width="3413" msid="85426955" hostid="261"></div></a>Amid a surging mergers-and-acquisitions market, firms that provide due diligence on deals are struggling to keep up. More deals and fewer workers are putting a strain on firms like EY, which are tasked with vetting targets' financials - <a href="https://www.businessinsider.com/ey-deals-due-diligence-mergers-acquisitions-understaffed-consulting-surging-volumes-2021-8">and they're having to turn prospective clients away as a result.</a><a href="https://markets.businessinsider.com/news/currencies/poly-network-chief-security-advisor-600-million-heist-defi-platform-2021-8">A crypto firm asked a hacker to be its chief security officer</a><a href="https://markets.businessinsider.com/news/currencies/poly-network-chief-security-advisor-600-million-heist-defi-platform-2021-8"><div type="image" title="Poly Network logo displayed on a phone screen and representation of Ethereum cryptocurrency is seen in this illustration photo taken in Sulkowice, Poland on August 12, 2021." height="2362" width="3149" msid="85426958" hostid="261"></div></a>The twist? The hacker had just stolen more than $600 million from Poly Network, the firm that offered him a job. More about the hacker that stole the funds "for fun :)" <a href="https://markets.businessinsider.com/news/currencies/poly-network-chief-security-advisor-600-million-heist-defi-platform-2021-8">and then landed a job offer. </a>On our radar: <ul><li>Per Bloomberg, Morgan Stanley has asked staff to <a href="https://www.bloomberg.com/news/articles/2021-08-17/morgan-stanley-asks-workers-for-proof-of-covid-19-vaccinations">provide proof of vaccination by Oct. 1.</a> </li><li>A senior partner at elite law firm Paul Hastings jumped ship to become a VC. <a href="https://www.businessinsider.com/how-a-law-firm-partner-decided-to-become-a-vc-2021-8">Here's why.</a></li><li>An analysis by Bloomberg shows that <keyword id="42111" type="COMPANY" weightage="60" keywordseo="Wall-Street">Wall Street</keyword>'s latte sales <a href="https://www.bloomberg.com/graphics/pret-index/?cmpid=BBD081721_OUS&amp;utm_medium=email&amp;utm_source=newsletter&amp;utm_term=210817&amp;utm_campaign=openamericas&amp;sref=qorXcFFuas&amp;sref=qorXcFFu">are close to entering a bear market. </a></li><li>The unemployed may never come back. <a href="https://www.businessinsider.com/future-economy-how-many-unemployed-workers-come-back-growth-productivity-2021-8">Here's what that means for the economy.</a></li><li>According to Bloomberg, Kim Lew took over as Columbia University's investment chief - making her <a href="https://www.bloomberg.com/news/articles/2021-08-17/columbia-investment-chief-blazes-trail-close-to-her-harlem-roots?srnd=premium">one of three women who are overseeing Ivy League endowments.</a> </li></ul>

Ackman's SPAC lawsuit - Wealth manager hiring spree - Consulting firm vax mandate

Welcome to 10 Things Before the <keyword id="117488" type="PERSON" weightage="60" keywordseo="Opening-Bell">Opening Bell</keyword>. If this was forwarded to you, <a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">sign up here.</a> Plus, <a href="http://newsletter.businessinsider.com/join/4np/insider-investing">sign up here for Insider Investing</a>, our weekly <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> analysis <keyword id="621414" type="PERSON" weightage="60" keywordseo="Newsletter">newsletter</keyword>.Let's get into it.1. Bitcoin is back in focus, slipping back below $38,000. Amazon has quashed chatter about it potentially adding crypto to its payment options. <a href="https://markets.businessinsider.com/news/currencies/amazon-denies-speculation-bitcoin-acceptance-plans-not-true-crypto-payment-2021-7">The company gave us the low-down on what it's looking at right now. </a>2. Cathie Wood's Ark Invest is shedding Chinese stocks fast amid regulatory crackdowns. The firm has sold its entire position of Tencent, and continues selling shares of other Chinese companies. <a href="https://markets.businessinsider.com/news/stocks/cathie-wood-ark-invest-selling-chinese-stocks-regulatory-crackdown-tech-2021-7">The move comes in light of escalating regulatory crackdowns from Beijing. </a>3. Investors pay thousands to see the stocks Jim Osman's puts on his buy list. Osman's firm provides investing recommendations for over 200 money managers. <a href="https://www.businessinsider.com/stock-picks-buy-jim-osman-upside-edge-group-inflation-protection-2021-7">He says these three stocks are set to soar 'at least 50%.'</a>4. Earnings on deck: Apple, Microsoft, Alphabet, Visa, and Starbucks <a href="https://markets.businessinsider.com/earnings-calendar">all reporting</a>. 5. Stick to stocks, Oppenheimer says. Low interest rates, strong earnings, and improving market fundamentals should compel investors to keep buying stocks. On top of all that, there's little competition given that <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-investors-keep-buying-equities-low-rates-oppenheimer-2021-7">the 10-year US Treasury yield is at 1.2%.</a>6. The SEC says US-listed Chinese companies must disclose risks - or else. The SEC Commissioner said that companies that fail to share potential risks or Chinese government involvement could be breaking the law. <a href="https://markets.businessinsider.com/news/stocks/sec-china-cybersecurity-probe-us-didi-stock-price-ipo-rlx-2021-07">Chinese IPOs like Didi have plummeted. </a>7. Bitcoin could surge at least 30% higher according to one analyst. Its 50-day moving average represents a key technical resistance level - and it just cleared it this weekend. <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-passing-key-technical-level-moving-average-btc-2021-7">Bitcoin is primed to make more gains ahead.</a>8. Tesla's got new competition: Lucid Motors spikes 20% in public debut as the latest EV company to enter the market. <a href="https://markets.businessinsider.com/news/stocks/lucid-motors-stock-price-spikes-public-debut-tesla-competitor-lcid-2021-7">The CEO believes the upstart brand is well positioned to compete with Tesla.</a>9. Stocks are still being shorted heavily - and some are especially primed for a squeeze. Data provider Fintel identified five heavily shorted stocks, including Exela Technologies, which recently achieved meme stock status. <a href="https://www.businessinsider.com/stocks-to-buy-5-likely-short-squeeze-candidates-july-25-2021-7">See the full list of five shorted stocks here. </a>10. Watch out for risky tech: Baird's top tech strategist says the strong earnings season makes the tech space remind him of the dot-com era. Despite bullish sentiment for tech analysts, the strategist warned against risky bets - <a href="https://www.businessinsider.com/tech-stock-investing-strategies-overvalued-portfolio-repositioning-high-valuations-baird-2021-7">and he gave three strategies to protect against catastrophe.</a>Compiled by Phil Rosen. Feedback? Email <a href="mailto:prosen@insider.com">prosen@insider.com</a> or tweet <a href="https://twitter.com/philrosenn">@philrosenn</a>.Sign up for <a href="https://www.businessinsider.com/subscription/newsletter">more Insider newsletters here.</a>

10 things before the opening bell

Welcome to 10 Things Before the <keyword id="117488" type="PERSON" weightage="60" keywordseo="Opening-Bell">Opening Bell</keyword>. If this was forwarded to you, <a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">sign up here.</a> Plus, <a href="http://newsletter.businessinsider.com/join/4np/insider-investing">sign up here for Insider Investing</a>, our weekly <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> analysis <keyword id="621414" type="PERSON" weightage="60" keywordseo="Newsletter">newsletter</keyword>.Let's get into it.1. Bitcoin has surged by 15% to a six-week high above $38,000. Comments by influential investors and the prospect of one of the world's largest companies maybe accepting payment in bitcoin by the end of this year are fueling gains. <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-elon-musk-dorsey-cathie-wood-amazon-crypto-chatter-2021-7">Take a look at what's happening in crypto today.</a>2. More people own Bitcoin than ever before - and yes, 60% still say it's high-risk. Bitcoin ownership has tripled in the US since 2018 but that doesn't mean it's volatility has gone down. <a href="https://markets.businessinsider.com/currencies/news/bitcoin-ownership-triples-btc-crypto-investors-high-risk-gallup-survey-2021-7">Buyers are mainly young and male, while older adults and women stayed away. </a>3. The tech, media, and telecom sectors account for many of the market's top growth stocks. Morgan Stanley is looking outside that space for hidden gems still poised to offer years of solid sales and profit growth. <a href="https://www.businessinsider.com/stock-picks-to-buy-value-profit-revenue-growth-morgan-stanley-2021-7" target="_blank" rel="noopener">Here are the 26 they're recommending</a>.4. On the docket: Tesla, Hasbro, and Bank of Hawaii <a href="https://markets.businessinsider.com/earnings-calendar">all reporting</a>.5. Bank of America says Twitter could surge by 30%. Analysts predict that the social media platform's expansion of ad spending will be good for its stock price. <a href="https://markets.businessinsider.com/news/stocks/twitter-stock-price-advertising-revenue-2q-earnings-tech-social-bofa-2021-7">Read why the bank has an optimistic outlook for Twitter.</a>6. Didi has dropped 52% since its US IPO. The company is now worth less than $40 billion - $70 billion was their planned valuation not long ago. This follows other companies that have been hit hard by <a href="https://markets.businessinsider.com/news/stocks/didi-stock-price-us-ipo-china-cybersecurity-regulation-rlx-2021-07">China's enveloping security probe</a>.7. Amazon is looking to hire a new lead for its digital currency and blockchain initiatives. The candidate must have expertise in distributed leger, blockchain and more - <a href="https://markets.businessinsider.com/currencies/news/amazon-digital-currency-crypto-blockchain-initiatives-ledger-lead-job-posting-2021-7">see what other qualifications Amazon wants for the job.</a>8. The Nasdaq could jump 10% with investors fleeing Chinese tech. Big money could be pouring into US stocks in light of Beijing's regulatory crackdowns, according to Wedbush. <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-nasdaq-upside-investors-flee-chinese-tech-wedbush-2021-7">The market surge could happen by year-end.</a>9. The US debt ceiling suspension expires next week. 5 experts break down what's at stake - and <a href="https://www.businessinsider.com/market-crash-experts-outlook-janet-yellen-us-debt-limit-warning-2021-6" target="_blank" rel="noopener">whether markets will face 'catastrophic' consequences if a deal isn't struck</a>.10. An expert's guide to how to mine bitcoin. The founder of a mining farm breaks down <a href="https://www.businessinsider.com/how-to-mine-bitcoin-miner-electricity-equipment-costs-profitability-pool-2021-7" target="_blank" rel="noopener">the costs of electricity and equipment, how to pool, and the profits he earns in the process</a>.Compiled by Phil Rosen. Feedback? Email <a href="mailto:prosen@insider.com">prosen@insider.com</a> or tweet <a href="https://twitter.com/philrosenn">@philrosenn</a>.Sign up for <a href="https://www.businessinsider.com/subscription/newsletter">more Insider newsletters here.</a>

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Lucas JacksonChief executive officer of Moelis &amp; Co., Ken Moelis smiles after ringing the bell to mark the company's IPO on the floor of the New York Stock Exchange</div></div></div>Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. To sign up, scroll to the bottom of this page and click "Get updates in your inbox," or <a href="http://www.businessinsider.com/newsletter/wall-street-career-advice">click here</a>. For Ken Moelis, small - and specialized - is beautiful."I've never seen a Michelin three-starred restaurant that was a buffet," the CEO and founder of Moelis &amp; Company said shortly after we sat down to chat late last month. Y<a href="http://www.businessinsider.com/ken-moelis-bi-interview-2016-10">ou can read the full interview here</a>.Elsewhere in finance news, a high-speed trader published a brutal takedown of a new plan to slow down trading - <a href="http://www.businessinsider.com/hudson-river-trading-response-to-chicago-stock-exchange-plan-signals-new-battle-2016-10">and it's the start of Wall Street's next battle</a>.One of Peter Thiel's investors says <a href="http://www.businessinsider.com/fintech-industry-reaction-to-goldman-sachs-lending-platform-at-lendit-europe-2016-10">Goldman Sachs' fintech efforts are doomed to fail</a>. And Deutsche Bank is the only <a href="http://www.businessinsider.com/european-money-market-institute-deutsche-bank-borrowing-costs-stock-drop-2016-10">major European bank that has to pay to borrow money</a>.In markets news, HSBC's technical-analysis team has thrown up the ultimate warning signal. In a note to clients released Wednesday, Murray Gunn, the head of technical analysis for HSBC, <a href="http://www.businessinsider.com/hsbc-red-alert-get-ready-for-a-severe-fall-in-the-stock-market-2016-10">said he is on "RED ALERT" for an imminent sell-off in stocks given the price action over the past few weeks</a>.Bank of America Merrill Lynch has also joined the <a href="http://www.businessinsider.com/bofa-stocks-are-nearing-tech-bubble-valuations-2016-10">chorus of strategists on Wall Street who are warning that the stock market is expensive</a>.In corporate news, it's time for Tesla to start a bank, <a href="http://www.businessinsider.com/teslas-next-product-could-be-a-bank-2016-10">according to Business Insider's Matt DeBord</a>. One chart <a href="http://www.businessinsider.com/bofa-chart-uber-lyft-killing-traditional-taxis-2016-10">shows how swiftly Uber and Lyft are killing traditional taxis</a>. Samsung has <a href="http://www.businessinsider.com/r-samsung-elec-cuts-q3-operating-profit-guidance-on-note-7-impact-2016-10">slashed its profit guidance by a third after its exploding smartphone disaster</a>. And Stanley Black &amp; Decker is <a href="http://www.businessinsider.com/ap-stanley-black-decker-buying-newell-tools-unit-for-195b-2016-10">buying Newell's tools unit for $1.95 billion</a>.In commodities news, <a href="http://www.businessinsider.com/saudi-arabia-and-oil-market-share-2016-10">Saudi Arabia has some "self-inflicted wounds" from its battle for the oil market</a>, and <a href="http://www.businessinsider.com/houstons-boom-years-are-over-bmi-research-says-2016-10">Houston's boom is over</a>. We just got even more evidence supporting <a href="http://www.businessinsider.com/are-charter-schools-the-new-mortgage-crisis-2016-10">the theory that charter schools are America's new subprime mortgages</a>.And lastly, <a href="http://www.businessinsider.com/best-internships-on-wall-street-2016-10">here are the 9 best internships at Wall Street banks</a>. Here are the top Wall Street headlines at midday<a href="http://www.businessinsider.com/job-openings-and-labor-turnover-survey-august-2016-2016-10">Janet Yellen's favorite measure of confidence in the jobs market is at a post-recession high</a> - The share of employees quitting their jobs compared to total separations is back at post-recession highs.<a href="http://www.businessinsider.com/potential-opec-deal-has-big-oil-executives-worried-about-a-shortage-2016-10">A potential OPEC deal has big oil worried about a shortage</a> - While OPEC and other big crude producers work towards a deal to cap production to erode a glut, industry executives are concerned the sharp drop in investment that followed the oil price crash could lead to another crisis - a supply shortage.<a href="http://www.businessinsider.com/valeant-2700-price-increase-on-lead-poisoning-drug-2016-10">Valeant jacked up the price of a lead poisoning drug by 2,700% in just one year</a> - A drug used to treat lead poisoning is causing a toxic reaction among hospitals and poison control centers after Valeant Pharmaceuticals jacked up the price more than 2,700 percent in a single year.<a href="http://www.businessinsider.com/apples-adrian-perica-joins-didi-chuxing-board-of-directors-2016-10">Apple's top M&amp;A exec is a director of the Uber of China</a> - Apple made an unusually large investment of $1 billion into Didi Chuxing, a ride-hailing giant best understood as the "Uber of China," earlier this year.<a href="http://www.businessinsider.com/government-workers-are-quitting-their-jobs-at-a-historic-rate-which-is-great-news-for-your-paycheck-2016-10">Government workers are quitting their jobs at a historic rate</a> - Despite a <a href="http://www.businessinsider.com/labor-force-increase-us-jobs-report-2016-10">weaker than expected jobs report</a> and <a href="http://www.businessinsider.com/job-openings-and-labor-turnover-survey-august-2016-2016-10">JOLTS number</a>, the labor market in the US appears to be fairly tight.<a href="http://www.businessinsider.com/tesla-solarcity-merger-vote-scheduled-november-17-2016-10">Tesla and SolarCity are holding a special shareholder meeting in November to vote on merger</a> - Tesla and SolarCity will each hold separate special meetings for shareholders to vote on the proposed merger November 17, according to a joint <a href="http://ir.tesla.com/secfiling.cfm?filingID=1193125-16-736377&amp;CIK=1318605" target="_blank">SEC filing</a> Wednesday.<a href="http://www.businessinsider.com/real-vision-tv-steve-keen-interview-2016-10">A renegade economist has a plan for reducing global debt</a> - Steve Keen has a huge following among anti-system groups.

You Searched For "didi ipo analysis" and got 9 results

Didi's IPO will not make investors any money and the business is just as unprofitable as Uber and Lyft, a veteran stock analyst says

Emily Graffeo

The Nasdaq could rise 10% as investors flee Chinese tech companies and flock to US stocks amid Beijing's crackdown, Wedbush says

Matthew Fox

Alibaba jumps 12% as China approves new video games in a further sign Beijing is easing its tech crackdown

Carla Mozée

Cathie Wood says she's keeping an open mind on Chinese stocks despite dumping them during Beijing's crackdown

Harry Robertson

US hedge funds were caught off-guard by China's massive regulation-driven stock sell-off, Goldman Sachs finds

Matthew Fox

Ackman's SPAC lawsuit - Wealth manager hiring spree - Consulting firm vax mandate

Jordan Parker Erb

10 things before the opening bell

Phil Rosen

10 things before the opening bell

Phil Rosen

What you need to know on Wall Street right now

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