Welcome to Axis ProRata, a podcast that takes just 10 minutes to get you smarter on the collision of tech business and politics.

I'm Dan Pramak. On today's show, why the next big tech IPO isn't the next Pets.com, and the Democrats' first debates get set.

But first, disrupting Hong Kong. So this past week saw massive protests in Hong Kong, with hundreds of thousands of people

taking to the streets to object to a proposed rule whereby those in Hong Kong could be extradited

to mainland China for certain alleged crimes. And yeah, I know some of you are thinking,

isn't Hong Kong part of China? And the answer is yes and no. Yes, in that China regained control from the British back in

1997, no, in that China promised the region a high degree of autonomy for 50 years, which has been

known as the one country, two systems arrangement. But the extradition rule, or proposed extradition

rule, is viewed by many in Hong Kong as an impingement on that promise,

particularly in that one of the big things Hong Kong has maintained is an independent judiciary.

And if the rule goes through, it could cause global business to stop using Hong Kong as their

preferred gateway to Asia, or as the economist referred to it in an editorial, quote,

a fragile bridge between a one-party state and the freedoms of global commerce.

The bottom line here is that China cutting into Hong Kong autonomy could have as much impact on global business as the ongoing U.S.-China trade war.

The big difference, though, is that the people of Hong Kong are fighting back through these massive protests,

braving a whole lot of tear gas

and rubber bullets, and more protests are scheduled for this weekend.

In 15 seconds, we'll go deeper with David Lawler, editor of the Axios World Newsletter.

But first, this.

Axios chief technology correspondent, Enah Freed, shares breaking news and analysis on the

most consequential companies

and players in tech from the valley to D.C.

...