Hi, this is Evelyn, writing to you from Beijing. Welcome to the latest edition of The China Connection — a succinct snapshot of what I'm seeing and hearing from local businesses.

My latest conversations with investors reveal a notable shift: China has taken note of how finance powered Silicon Valley's rise and is following suit. Growing pains and risks aside, this could mean serious competition for the U.S.

The big story

Follow the money behind China's latest tech boom and it leads to Hong Kong — the most globally accessible of China's stock exchanges — which roared back to life last year.

Companies raised more funds in public listings on the Hong Kong market than on any other exchange.…