5M Flee Shenzhen, 13M Cry Their Eyes Out: Foreign Firms Pushed Out, 600K Export Firms Collapse
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Cross-border online retail businesses have been among the hardest hit by closures in Shenzhen. Of the 100 companies that recently moved out, 80 were in that business. Several freight forwarders, along with major sellers, have also announced bankruptcies, adding to the sense that the industry is changing.
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