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November 22, 2000 |
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Business Environment For Hong Kong IT Industry Becomes MatureHoffman Agency expects the business environment of IT industry will become more mature, and plans to move its headquarters from Singapore to Hong Kong. The Hoffman Agency provides PR services for IT companies in Greater China by leveraging its experiences in Silicon Valley. Lou Hoffman, Founder and President of the Hoffman Agency analyzed the factors behind the success of Silicon Valley. He said that talents from all races are welcomed to start their business there and a wide range of opportunities is provided. He then added that the universities, research institutes, venture capitalists, PR agencies, lawyers, accountants and advertising specialists there provide the IT industry with sufficient resources and professional services. Most importantly, the laissez-faire policy of the government creates a solid foundation for development of Silicon Valley. Lou pointed out the dot-coms crash worldwide makes the companies understand that the flawed business models cannot succeed and benefits the healthy growth of the industry. Before the crash, lots of companies wanted to succeed through listing and attracting venture capital. Now, The venture capitalists will choose and invest in the IT companies with high-quality management teams and substantial business models. He said with the support of the government and the development of Science Park and CyberPort, which can attract more overseas capital, he expects that Hong Kong IT industry will have a large potential in growth. He decided to move the Asian-Pacific headquarters from Singapore to Hong Kong because of its central location in South East Asia and the growing demand in PR services from the IT and biochemistry industry.
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