China is also raising fines for securities fraud, increasing disclosure requirements and cutting how much regulators review companies that want to go public. (The Wall Street Journal)

Talking point: The changes are part of a broader attempt by China to attract new listings and help its tech sector raise larger sums from more diverse sources of capital. In July, China launched its Star exchange, which caters to tech startups; it’s already attracted about a third of all new listings in the country in 2019. These new reforms move China closer to the Canadian-style system, where individual investors are on the hook for making their own decisions about what to invest in. China’s shift to allowing unprofitable companies go public comes as a number of high-profile unprofitable firms in the U.S. have either had lacklustre IPOs, such as Uber and Lyft, or tried to debut but then pulled back, like WeWork.