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By comparison, Google CEO Sundar Pichai said during the company’s quarterly conference call that the revenue run rate for its Google Cloud business has topped billion.

But the market on the whole is plagued by a lack of liquidity and low investor confidence, Hong added.

But such a branch needs to be a joint venture with a mainland university, as required under the current rules.

But, the public's view of this group of developers who have amassed vast and fabulous fortunes changed rapidly for the worse in the big property market crash after the outbreak of the Asian financial crisis in 1997. Their public image has taken another dive in the past two years as property prices surged to levels fewer and fewer people could afford.

But tensions have mounted in terms of global economic and trade relations in a year's time, which have been aggravated by the COVID-19 pandemic, said Zhao Xiaolei, director of the FTZ research institute at the Shanghai University of Finance and Economics.