“This is obviously an area that the government wants to develop or promote - how is this different from Baidu in 2003?” said a China-based partner of a Silicon Valley venture capital firm, referring to the Chinese search engine that debuted in New York a decade ago and is now worth $75 billion. International venture capitalists say China’s start-ups are more attractive bets than before as Beijing is backing the enterprise computing sector much like it did Internet firms in the last decade. “These bosses don’t need that much money or expertise to get into the game, but the payoff can be potentially large.” “We’re in a new bubble because of Snowden,” said He Weijia, a former director at Hongqi. It was eventually sold to a company with a background in household cleaning for just $6 million. When Hongqi, a software company that developed China’s most successful operating system during the 2000s, but which has since struggled, put itself up for sale last year, bidders included a coal magnate, an aviation company and a food transport provider. Some of those who’ve entered the fray look better equipped to succeed than others. cyberspying and security holes in American technology products have prompted China’s government to accelerate a broad campaign to replace foreign technology with Chinese-developed systems.Īnd that has triggered a frenzy among state-affiliated software firms, investors and savvy businessmen - all hoping to capitalize on Silicon Valley’s waning grip over China’s $450 billion-a-year enterprise computing market. National Security Agency contractor Edward Snowden on large monitors. “Information security is vital to the interests of China and the interests of the Chinese people,” Zhang proclaimed as a marketing video flashed images of former U.S. Last November, the 49-year old entrepreneur, who has no technology background, strode into a Beijing ballroom to pitch his latest made-in-China product: SPGnux, a Linux-based operating system he says could replace Microsoft Corp’s Windows. BEIJING, May 6 (Reuters) - Zhang Long made his fortune selling Pu’er fermented tea and handcrafted furniture from the mountains of his native Yunnan Province in southwest China.
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