The newline above the list closes the <span> tag. Apply color to <div> for anything multiline or containing newlines.

For example, this text will look the same in both viewers:

<div style="color: #ff0000">
red 1
<div style="color: #ffff00">

- yellow 1
- yellow 2
</div>
<span style="color: #00ff00">
green
</span>

red 2
</div>
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