ChinaтАЩs stock markets are some of the largest in the world, with total market capitalization reaching RMB 79 trillion (US$12.2 trillion) in 2020. ChinaтАЩs stock markets are seen as a crucial tool for driving economic growth, in particular for financing the countryтАЩs rapidly growing high-tech sectors.Although traditionally closed off to overseas investors, ChinaтАЩs financial markets have gradually been loosening restrictions over the past couple of decades. At the same time, reforms have sought to make it easier for Chinese companies to list on onshore stock exchanges, and new programs have been launched in attempts to lure some of ChinaтАЩs most coveted overseas-listed companies back to the country.
The messaging service and social-media platform owes creditors roughly $700 million by the end of April, according to people briefed on the companyтАЩs plans and loan documents viewed by The Wall Street Journal. At the same time, Telegram Group Inc. must cover rising equipment and bandwidth expenses because of its rapid growth, despite going years without attempting to generate revenue.
