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Telegram is riding high, adding tens of million of users this year. Now the bill is coming due.Telegram is one of the few significant social-media challengers to Facebook Inc., FB -1.90% on a trajectory toward one billion users active each month by the end of 2022, up from roughly 550 million today.

China鈥檚 stock markets are some of the largest in the world, with total market capitalization reaching RMB 79 trillion (US$12.2 trillion) in 2020. China鈥檚 stock markets are seen as a crucial tool for driving economic growth, in particular for financing the country鈥檚 rapidly growing high-tech sectors.Although traditionally closed off to overseas investors, China鈥檚 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 China鈥檚 most coveted overseas-listed companies back to the country.

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