TO SEE THE world of technology shift before your eyes, look at the short history of the Shanghai Stock Exchange Science and Technology Innovation Board. China’s president, Xi Jinping, unveiled plans for the new exchange, modelled on New York’s Nasdaq and known as the STAR Market, in November 2018. It was to be a freer route to capital markets for Chinese tech firms. It opened in July 2019 with 25 companies and rocketing valuations. A year later, on July 23rd, the exchange launched an index of its 50 biggest companies.

A few months ago most people had never heard of the STAR Market or its firms. The most valuable was AMEC, a low-key Chinese manufacturer of chipmaking tools with a market capitalisation of around

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