The big gag: Hong Kong’s crackdown on freedom

Hong Kong Political Suppression and Legal Proceedings

• A national security law imposed by Beijing in 2020 banned the annual Tiananmen Square vigil in Victoria Park, which had historically drawn thousands to light candles.
• In 2020, a new national security law was enacted, quashing further demonstrations regarding June 4th or other political issues.
• The trial of the "Hong Kong 47" activists concluded on Thursday, resulting in 14 convictions, 2 acquittals, and 31 prior guilty pleas.
• The 47 were originally arrested for holding an unofficial primary to select pro-democracy candidates for a 2020 election aimed at opposing the government budget and Chief Executive Carrie Lam.
• Prosecutors argue the activities constituted subversion under the 2020 law, while defense lawyers characterized them as normal political dealings.
• Since the 2020 law's implementation, at least 244 people have been arrested, with NGOs reporting thousands more charged under separate democratic advocacy laws.
• The two acquittals in the "Hong Kong 47" trial ended a 100% conviction rate for national security law cases, though the government plans to appeal.
• In March, the territory enacted Article 23, a new national security measure that broadened existing laws; police recently arrested eight individuals under this provision, including the mother and uncle of organizer Chao Hang-tung.
• Social media posts regarding the June 4th anniversary triggered the first arrests under the new Article 23 measure.
• Observers note that political freedom in Hong Kong has converged with mainland China, evidenced by the removal of Tiananmen-related books and the muzzling of vigils.

US Startup Ecosystem Resurgence

• The share of US firms less than five years old fell from nearly 40% in the early 1980s to 29% by 2018, but a new boom has emerged since 2020.
• Business formation in the US has increased by approximately 80% over the last four years, averaging 5.5 million new companies established annually.
• Startup growth in the US significantly outpaces increases seen in other regions, including Europe.
• Initial 2020–2021 startups primarily focused on remote work infrastructure and online retail, whereas post-mid-2022 promising startups are increasingly tech and AI-focused.
• The current boom is geographically dispersed, with significant clusters appearing in smaller cities like Greenville, South Carolina, Boise, Provo, and Providence, driven by remote work adoption.
• Venture capital funding for more mature startups fell sharply starting last year due to dramatic interest rate hikes.
• Despite tighter funding conditions, major venture capital firms retain significant "dry powder" (capital reserves) due to earlier aggressive fundraising at lower rates.
• Economic data has not yet reflected the growth impact of these startups; the Economist suggests a lag similar to the 1980s, with full economic dividends potentially arriving by the end of the decade.
• Return-to-office mandates by major corporations and high interest rates present potential constraints to the sustainability of the startup surge.

Obituary: June Mendoza (1924–2023)

• June Mendoza, the British artist renowned for capturing likenesses of both famous figures and ordinary people, died at age 99.
• Her career included painting royals (the Queen five times, Prince Philip three times, Princess Diana twice) as well as generals, archbishops, and entertainers.
• Approximately one-third of her output consisted of "pick-ups," where she sketched strangers in public spaces like restaurants and streets.
• Mendoza's style was characterized by a strict focus on relaxed subjects; she famously rejected sitters wearing formal or over-the-top attire to capture their natural state.
• She famously bartered paintings for goods during her early career, including a portrait exchanged for cough syrup and another for a fur coat.
• Despite her fame, Mendoza received minimal formal art training, describing her ability to capture likenesses as an innate talent similar to "perfect pitch."
• Her only noted difficulty was painting Margaret Thatcher, whom she found too controlling and rigid, resulting in a portrait she was dissatisfied with.
• Mendoza refused to describe her work as "capturing the soul," stating she simply sought to paint wonderful faces.
• One of her earliest works, a portrait of a scaffolder, was exhibited in the "People's Project" at Girton College, Cambridge, alongside portraits of a coracle maker and a blacksmith.