Robinhood trading debut - China's $2 trillion market loopholes - Morgan Stanley bumps pay

Welcome to Insider Finance. If this was forwarded to you, sign up here. On the agenda today:

• By exploiting two loopholes, Chinese companies are able to avoid oversight at home and abroad.
• Trading app Robinhood is slated to start trading today, so we rounded up the top things you should know before its trading debut.
• Morgan Stanley has joined the ranks of firms raising pay for junior bankers. Here's how much they'll make.

Let's get started.

Chinese companies are using two giant loopholes to evade Wall Street oversight

By skillfully exploiting two regulatory loopholes - one in Beijing and one in Washington - Chinese companies have evaded oversight both at home and abroad, keeping investors in the dark about the true state of their finances. Read our exclusive report on the loopholes at the heart of a $2 trillion market.

What to know ahead of Robinhood's big debut

Just before its hotly anticipated initial public offering, Robinhood said it's under investigation by FINRA, Wall Street's self-regulator. Plus, the company is still facing a handful of legal and regulatory risks. Here's what else you should know before shares start trading today.

Morgan Stanley just raised base pay for first- and second-year analysts

In a decision that brings the bank's analyst starting pay in line with what's now an industry norm, Morgan Stanley bumped first-year analysts' pay to $100,000 and second-year analysts' pay to $105,000. Here's what divisions will be affected.

… But evidence shows big pay isn't enough to lure grads to Wall Street

More evidence shows that would-be junior bankers are dissuaded by Wall Street's grueling hours and demanding work. The New York Times recently reported that new and prospective graduates are increasingly unwilling to commit to a career in investment banking, despite starter salaries of $100,000 or higher. Why graduates are increasingly snubbing the Street.

These hedge-fund dealmakers are pumping billions into the world's hottest private companies

Funds like Tiger Global, D1, and Coatue have funneled money into some of the most promising startups - and are beating VCs at their own game. We listed 20 dealmakers leading the charge into unicorn funding rounds at the biggest firms. Meet them here.

Michael Gelband's ExodusPoint is losing top tech talent

Sonny Baillargeon and Anil Chandroth - heads of infrastructure and data science, respectively - have both left the $13.3 billion hedge fund. A look at what we know about the firm's most recent exits.

On our radar:

• 31-year-old billionaire Evan Spiegel has quietly donated nearly $100 million in Snap stock this year. What we know so far about his hefty donations.
• Robinhood handed a sweet deal to investors like Ribbit Capital, NEA, and Index when they saved it from the GameStop meme-stock drama. Here's how that could help them bag billions of extra profit.
• We tried Ray Dalio's instant-feedback tool on Zoom - and found it's not for the thin-skinned.
• Jared Kushner is leaving politics to start an investment firm, per Reuters.
• The world learned a new term after Simon Biles pulled out of the Olympics: the "twisties." Here's why they're so terrifying - and what recovery could look like for the gymnast.