HONG KONG (BLOOMBERG) - China's sweeping national security law has forced technology firms to reconsider their presence in Hong Kong. The nimblest among them -- the city's startups - are already moving data and people out or are devising plans to do so.. Read more at straitstimes.com.
HONG KONG - China's sweeping national security law has forced technology firms to reconsider their presence in Hong Kong. The nimblest among them -- the city's startups - are already moving data and people out or are devising plans to do so.
"We are now in a dilemma. If we follow the law in Hong Kong, we may violate other countries' regulations," said Ben Cheng, co-founder of software company Oursky."We worry that people will not trust us someday if we tell them we are a Hong Kong-based company." In recent years, the global financial centre has grown into an attractive destination for fintech entrepreneurs, and its close proximity to Shenzhen and the so-called Greater Bay Area has helped foster research and development ties between startups and Chinese universities. Hong Kong had been expected to reach US$1.7 billion in data centre revenue by 2023, rivaling nearby Singapore whose server market brought in US$1.4 billion last year, according to data from Structure Research.
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