HONG KONG—There are examples of Chinese companies developing rare, amazing technologies that we might call stellar, and with reason. Take the Long March 6 rocket as an example. It was developed by a state-owned enterprise for China’s space program, and has been used in two missions since 2015. But it will see much more action in the coming months, as a Buenos Aires-based company will launch 90 satellites into orbit using the Chinese rocket.
Tech firms in China—whether state-owned or privately operated—are good at wooing foreign investors and clients, and the Chinese Communist Party now wants a bigger cut.
Earlier this month, officials announced rules for some changes in the Shanghai Stock Exchange. Following a plan put forward by President Xi Jinping two months ago, Shanghai will have a tech board that allows early-stage startups to file for initial public offerings before they are profitable, reducing some of the power of regulators that oversee the listing process.