Financial News
Written by: Zhang Weilun
2020-07-21 11:08
Last update date: 2020-07-21 11:08The Hong Kong version of the National Security Law was implemented on the 30th of last month. Foreign businessmen are concerned about the implementation and enforcement of the law. "Bloomberg" pointed out that the implementation of the bill has prompted technology companies to reconsider their business in Hong Kong, and individual companies have moved data and personnel out of the country, or formulated plans for related parties.
The report pointed out that the National Security Law has greatly increased the power of online regulatory agencies. Companies are facing concerns from overseas customers and suppliers about the impact of operational data and network services. Many companies are formulating emergency plans to adjust their business to Outside Hong Kong. The practices of related companies indicate that Facebook and Alphabet's Google may make similar decisions.
The report quoted Ben Cheng, the co-founder of software company Oursky, who pointed out that since the bill came into effect, the company has encountered problems, and some overseas cloud service providers have refused to provide cooperation with entities located in Hong Kong and conduct evaluations. In order to circumvent related problems, the company plans to set up an office in the United Kingdom in the next year, and then expand to Japan.
Hong Kong version of the National Security Law