A Spark That Could Light Up China’s Internet Giants

Much to the consternation of most mainland Chinese investors, the nation’s most successful internet companies are listed abroad, out of reach of many. A new plan would smooth their entry back home, but might also inspire a speculative fever in their shares.

China’s regulators are considering allowing the country’s largest technology companies to list on mainland stock exchanges via a structure called Chinese Depository Receipts, or CDRs, which allow investors to own shares of those firms indirectly, according to local media...