Tech
Can Hong Kong Survive As Asia’s Financial Hub?
Beijing has rushed to push through a new national security law in Hong Kong. Critics fear the legislation threatens civil liberties promised to the territory through July 1, 2047. The city’s special status with the U.S. also appears to be under threat, as U.S.-China tensions escalate over Beijing’s move to tighten its grip.
The central Chinese government passed a sweeping new security law for Hong Kong that took effect just hours before the 23rd anniversary of the city’s handover from the U.K. to China on Wednesday.
The National Security Law strengthens Beijing’s control on Hong Kong, a semi-autonomous region with greater democratic freedoms and alignment with international business standards than the mainland. That special status has made Hong Kong an attractive hub for many international companies wanting to tap the Greater China market.
“Some of the recent happenings in Hong Kong represent a deviation from ‘one country, two systems,’” Zhang Xiaoming, executive deputy director of Hong Kong and Macao Affairs Office of the State Council, said Wednesday at a press conference.
He was referring to the framework that allows Hong Kong some legal and economic autonomy that other Chinese cities do not have. Hong Kong, a special administrative region of China, was a British colony that returned to Chinese rule in 1997.
“The purpose is not to take the pro-democratic camp in Hong Kong as an imaginary enemy. The purpose is combating a narrow category of crimes against national security,” Zhang said, according to an official English translation of his Mandarin-language remarks. “The ‘one country two systems’ has already spoken volumes of the political tolerance of the central (government).”
“People with different views, they may continue to exist for a long time in Hong Kong … You should not use this (difference in views) as a pretext to … turn Hong Kong into a safe haven of anti-China forces,” he said.
Under the new legislation, many of the activities carried out by protesters in Hong Kong over the last year become punishable by law. What began as largely peaceful mass protests against a controversial extradition bill more than 12 months ago turned into violent clashes with police.
An official English translation of the new law stipulates that a person who acts with a view to “undermining national unification” of Hong Kong with the mainland faces punishment of up to lifetime, depending on the severity of the offense. Financial support for such activities is also a crime.
The security law also laid out in broad strokes what could be deemed offenses by “terrorist organizations” and those who collude with foreign entities.
The text also says those who are not permanent Hong Kong residents can be deported if they break the law.
Under Chinese President Xi Jinping, Beijing’s decision to move ahead with the law comes despite strong criticism from Europe and the U.S.
EU Council President Charles Michel said Tuesday that “We deplore the decision,” according to a Reuters report.
U.S. President Donald Trump’s administration has also taken steps toward eliminating Hong Kong’s special trading status with the world’s largest economy, beginning with restrictions on defense exports and access to high technology products.
Other aspects of the law indicated how Beijing would strengthen its hand in Hong Kong’s affairs.
Based on the law, a new office for maintaining national security located in Hong Kong will not be subject to the special administrative region’s authority. Zhang said Wednesday that many cases handled by the national security office may involve state secrets.
A national security advisor designated by the central government will sit in on meetings of a Committee for Safeguarding National Security of the Hong Kong Special Administrative Region, the law said.
Hong Kong will also promote national security education through schools and media, according to the law.
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Can Hong Kong Survive As Asia’s Financial Hub?
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Venture capital is buying its way into the AI transformation that enterprise software hasn’t delivered. Instead of selling AI tools to companies, venture firms are buying legacy companies outright and rebuilding them around AI from the inside. The bet puts VCs on offense and leaves traditional private equity, which spent the last cycle buying enterprise software at peak prices, on defense.
The strategy is known in Silicon Valley as the AI rollup. Over the past six months it has crossed into public markets twice: General Catalyst and Trian’s $7.6 billion take-private of Janus Henderson (JHG) in December, and Long Lake Management’s $6.3 billion agreement in May to take American Express Global Business Travel (GBTG) private at a 65 percent premium. CNBC’s Deirdre Bosa has the story.
Chapters:
0:00 – 0:55 Introduction
0:56 – 4:31 The AI rollup
4:32 – 5:34 Where private equity got it wrong
5:35 – 7:20 A risky bet
Anchor and Columnist: Deirdre Bosa
Produced by: Jasmine Wu
Edited by: Andrew Evers
Senior Director of Video: Jeniece Pettitt
Animation: Emily Park
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AI Rollup: Silicon Valley’s New Buyout Playbook Is Hitting Wall Street
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For two years, companies bought AI one way: pick the most powerful model and run everything through it. That era is ending.
A new discipline called model routing is taking hold, sending hard tasks to expensive frontier models and easy ones to cheaper, faster alternatives. It can cut AI bills dramatically. But it also means OpenAI and Anthropic stop getting paid for every task, which complicates the IPO story both are built on.
Deirdre Bosa talks to Scott Wu, co-founder and CEO of Cognition (maker of the coding agent Devin), about his new engineering value guarantee, why Devin routes across models automatically, and what it actually takes to measure AI’s return. Then Cisco President and Chief Product Officer Jeetu Patel on the cost shock hitting the enterprise, why his own company blew through its AI budget, and whether the frontier labs can hold their pricing power.
Anchor and columnist: Deirdre Bosa
Produced by: Jasmine Wu
Editing by: Erin Black
Technical Associate: Sami Savona
Senior Director of Video: Jeniece Pettitt
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Why The Fix For AI’s Spending Problem Is Not Good For OpenAI And Anthropic
Why The Fix For AI’s Spending Problem Is Not Good For OpenAI And Anthropic
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Intel issued a safety recall for its Basis-brand fitness watch, warning that the device could cause blisters or burns.
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Intel Recalls Its Smartwatch | CNBC
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The rapid spread of AI across corporate America is creating a crisis for young adults with college degrees who are finding a slowdown in hiring for entry-level positions in AI-exposed industries.
Find the full report in related video.
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CNBC’s Deirdre Bosa reports on Alibaba’s entry into the smart-speaker market with the Genie device, which the tech giant announced Wednesday. For now, the device only speaks Mandarin.
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