Chinese regulators are increasing public enforcement against tech giants, a change from the discreet approach after 2021. This shift, marked by investigations and public criticism, has concerned investors.

Chinese regulators are stepping up public enforcement against the nation’s corporate giants, marking a departure from the low-key approach adopted after a bruising 2021 tech crackdown. In recent months, agencies have summoned company representatives, launched high-profile investigations, and named and shamed offenders. However, while the uptick in activity has rattled investors, some analysts and observers contend that this does not herald a return to China’s heavy-handed campaign that...