Its decision is a victory for Hong Kong, which missed out on blockbuster stock offerings by Alibaba and other rising internet companies in mainland China in recent years. It is also a win for Beijing, which has embarked on a campaign under President Xi Jinping to nurture the development of new industries in technology and lure back homegrown stars that listed overseas in years past.

“I think it rather stuck in the throats of the leadership in Beijing that large companies had to go overseas to list and not in Hong Kong, which they view as part of home,” said David Webb, publisher of the financial and corporate governance website Webb-site and a deputy chairman of Hong Kong’s Takeovers Panel.

“There has been somewhat of a campaign to bring companies home and remove them from foreign jurisdictions,” Mr. Webb said.

While Hong Kong is officially a special administrative region within the People’s Republic of China, and has a separate legal and financial system, Beijing sees it as a part of the mainland. Some of China’s biggest and most exciting technology start-ups, like Didi Chuxing, the ride-sharing rival to Uber, and Ant Financial, the financial arm of Alibaba, are making plans to go public over the next year.

In the past, Chinese entrepreneurs like Jack Ma of Alibaba chose to list their shares in markets, like New York, where they could operate as if their companies were still private. They were able to offer so-called dual-class shares, which give shareholders little say in the operations of the business.