You should first ask yourself why China doesn't have any world class financial centre despite being the world's 2nd largest economy and growing . If it was that easy to create a world class financial centre don't won't you think China will have one already?
The issue is that the way China's political system works won't be possible to have a world class financial centre like Hong Kong, New York, London stock exchanges anytime soon etc which are references internationally and attracts companies from over the world to trade there. By contrast I can't think of any foreign company that decided to trade on any Mainland stock exchange(even successful Chinese companies often tend to list abroad). For this to happen China will need radical reforms in its financial industry which we all know the party has not been willing to make, since it will threaten their hold on China's financial industry and authority, since this will allow the market to decide how the industry runs and thus loosen the government's hold on the market. So far in China, the government moves the markets around as they see fit and private speculators move it around. And if you’re a Chinese person buying stock and trading on Chinese companies in a Chinese exchange, you already know this. So, as you might imagine, the companies that want to be global leaders/players, that want to be taken seriously, that are going to be making acquisitions in America, that are going to be growing aggressively globally, do not want to be in that kind of environment, so they go to the U.S,Hong Kong etc. They enlist in these places because the requirements of transparency and the credibility of those listings are far exceeding the Chinese public markets.
So I believe the countries financial centres will remain the same way in the foreseeable future and largest most successful private Chinese tech companies will keep listing abroad in U.S, Hong Kong etc instead of the mainland. It's not as if they don't want to list in their homeland but they do this out of necessity.
