China’s tech giants generate billions for investors — but small businesses are being squeezed

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Delivery workers wait for the light to turn green at a major intersection in Beijing on July 30, 2021.Evelyn Cheng | CNBCBEIJING — Investors in Chinese companies were caught off guard this summer by Beijing's actions against homegrown tech giants, including comments about overseas-listed shares.One of the surprises was a mandate in late July that Chinese education businesses should restructure and remove investment from foreigners. A separate order earlier last month called for app stores to remove Chinese ride-hailing app Didi — just days after its massive IPO in New York.Didi shares have dropped more than 30% since the listing. The KraneShares CSI China Internet ETF (KWEB), whose top holdings include U.S.-listed stocks Alibaba and, has fallen 29% over the last 60 trading days."It's probably important, especially for international investors to note, there is a big and deep change of philosophical thinking on the economic policy, what's more important in China's eco
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