How Xi Jinping is reshaping China’s capital markets

Why are investors being left out in the cold? Xi Jinping’s term began with a push for market-driven reform. Still, subsequent moves, including a regulatory crackdown that has cut around $2tn off the market value of tech groups, have either mitigated or undone those changes to put the state firmly back in charge. Hudson Lockett explores how the pipeline for IPOs increasingly reflects technological competition with the west and the heavy influence of the state.