JSFiddle - React, Tailwind, and code Playground

HTML

<li>&File</li>
<li>&Test</li>

CSS

span {
    color: red;
}

JavaScript

$("li").each(function() {
    var html = $(this).html(),
        regexp = /&amp;(.)/,
        match = regexp.exec(html);
    
    if(!match) return;
        
    var replaced = html.replace(regexp,
                                "<span>" + match[1] + "</span>");

    $(this).html(replaced);
});