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Ongoing Hong Kong Protests May Be Shooing Away Businesses

Hong Kong appeared to be the obvious choice for co-founders of a start-up of artificial intelligence, Taylor Host and Jamie Wilde to build their base. The two of them had been residents of the city for a number of years and were well-aware of the locality’s financial hub. According to Wilde, who hails from Britain, the jurisdiction is business-friendly. Construction of professional teams is easy in the city and raising finances also poses low challenge.

Back in 2017, the Miro co-founders kicked off their start-up journey in the city of Hong Kong. The firm makes use of artificial intelligence as well as computer vision for gathering data. This data is then used by sportswear companies for enabling them to focus on their target consumer base more effectively.

From the very onset, the business had gained momentum, with growing sales and keen interest from US investors to back the initiative. However, Hong Kong was hit by major crisis when it became the unwarranted victim of the China-US trade war and prolonged periods of protests on the streets affected the investment destination reputation of the territory. As per Wilde, their company was often questioned by interested investors about their choice of being based in this particular city. Since a lot of people are perceiving Hong Kong to be in greater proximity to China than the US, the association with the city has become risky for Miro.

The organization has already had to let go of two major potential investments and its base in Hong Kong has been cited as a major reasons behind this decision. Following these repercussions, Wilde and Host have made the decision of moving the headquarters of their company to US from Hong Kong, while maintaining some operations at their old base. As it appears, they are only one company in the long list of firms who are re-evaluating their plans of keeping their businesses in the city of Hong Kong.

Arnold Miller
Arnold Miller Author
EDITORIAL MANAGER At Global Market Journal

Arnold Miller is pro at explaining and presenting the business-related complex concept in a simple way. He has the ultimate skill of effectively writing down the news related to business mergers, political & financial affairs, acquisitions, and the latest business trends being followed by the globally established organizations. He also takes part in various surveys and key interviews with professionals, industry experts, and various organizations. He is also known for his immense knowledge of economics. Arnold had gained around 5 years of experience as a Business Analyst in a well-reputed production firm before choosing the field of Content Writing.

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