I wouldn't call them an upstart. They've been around for 23 years and produce some impressive content, but you are correct regarding the story about the families of the Chinese leaders and potential conflict of interest given Bloomberg L.P.'s business.
After the Xi story appeared, terminal sales in China slowed because government officials ordered state enterprises not to subscribe. The Bloomberg News website was also blocked on Chinese servers, and the company was unable to get visas for journalists it wanted to send to China.
In 2014, Grauer told staff at the Bloomberg Hong Kong bureau that the company's sales team had done a "heroic job" of mending relations with Chinese officials who had indicated their displeasure about publication of the Xi revelations. He also warned that if Bloomberg "were to do anything like" the Xi story again, the company would "be straight back in the shit-box."
On October 29, 2013, during a conference call, Winkler told four Bloomberg journalists in Hong Kong that the findings of their major investigation into "the hidden financial ties between one of the wealthiest men in China and the families of top Chinese leaders" would not be published. Less than a week later, a second planned article "about the children of senior Chinese officials employed by foreign banks," was also killed, according to Bloomberg employees
https://en.wikipedia.org/wiki/Bloomberg_News#China_coverage