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Another key factor going forward for China's tech sector is the "Shenzhen effect" - manufacturing clusters with deep networks, experience, expertise and easy supplier availability not available anywhere else will allow Chinese companies to integrate hardware in software. "5G is another step function. There is going to be stuff that we can't even imagine that is going to be built in Shenzhen because of the proximity of all those people together," Robinson said.

Another shareholder proposal pushed to change that practice, seeking to require the company to no longer count abstentions as votes against shareholder proposals. Shareholders rejected that proposal as well, with 8 percent voting in favor, according to the company.

Another new competitor is Ctrip, China's largest online travel agency. This year, the company introduced its "Ctrip Gourmet List" for Shanghai, with editions for dozens of other cities to be followed. But unlike the Michelin Guide, which is renowned for maintaining the anonymity of its inspectors, this list has proudly displayed its judges, who include Dong Keping, the consultant for China's most watched food documentary A Bite of China, Chinese celebrity chef Liu Yifan and Chinese singer-turned chef Lin Yilun.

AppTec's established brand was also important to WuXi, especially in a highly sensitive field such as biotechnology, where scientific patents and research are closely guarded.

Ant Group's initial public offering has been approved by the STAR Market listing committee on Sept 18.