For one of the world’s noisiest cities, parts of Shenzhen can be eerily quiet. Listen closely, say some, and you will hear the hiss of a bubble inflating.
“I feel there’s a bubble in the incubator model right now,” says Bill Liu, who founded flexible display maker Royole, now valued at $3bn and operating out of one of the city’s tech parks. “If you go [to some] you will see a lot of empty spaces and no well-known start-ups.”
“I don’t even know how they can make money,” adds Loic Kobes, who runs the Coolhobo food delivery start-up. “I don’t know if there’s enough start-ups any more.”
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