Upstart tech companies outperformed established mega-cap stocks in China’s stock market during the first five weeks of 2021, after Chinese regulators proposed a set of measures to prevent the tech giants from stifling up-and-coming competitors.

It’s much too early to gauge the economic impact of the new Chinese regulations, which include measures to prevent Big Tech from hoarding data, manipulating e-commerce platforms to suppress competition, and predatory takeovers. But the equity market evidently believes that the new regulations improve the outlook for new market entrants.