Two Men Rode a Decadelong Tech Wave in China---Only One Is Staying

Two Chinese entrepreneurs, Derek Li and Rick Chang, separately jumped into the country's tech boom nearly a decade ago, in the early days of Xi Jinping's rule. China's mobile-technology market was exploding, fueled by generous government subsidies and a light touch from regulators. Their respective businesses benefited greatly from the dynamism in China's tech sector, underpinned by Mr. Xi's push for innovation and entrepreneurship. That atmosphere has now soured, with the Chinese leader targeting what he calls the ills of unchecked capitalism. While he still lavishes support on strategic tech sectors, Mr. Xi has aimed a regulatory fusillade at "monopolistic" practices of internet giants and their handling of troves of citizen data.