The past few weeks have shown that Chinese President Xi Jinping can move extremely fast when he hones in on long-term threats to the Communist Party. And right now they revolve around the convergence of technology, finance and Hong Kong.
Since unveiling a goal last month to double the size of the economy by 2035, China has embarked on a sweeping crackdown of some of its most valuable companies. The shock suspension of Ant Group Co.’s $35 billion initial public offering was quickly followed by more anti-monopoly rules to rein in former tech darlings Tencent Holdings Ltd. and Alibaba Group Holding