The industry is looking increasingly to some other parts of the region, Singapore, Malaysia and Thailand. (Macmillan which set up a Far East office in Hong Kong is reportedly viewing Malaysia as part of its the long term strategy in the region.)
Malaysia is apparently significantly cheaper on some print jobs, but the big issue is apparently quality. Even though this country has the most modern print technology, it's a less than sophisticated industry. Some customers interviewed in the article have moved their business elsewhere.
Another problem is that while there are designated print areas in other countries, in Malaysia the industry is spread out across the country.
A third thing that seems to be scaring investors :
Some people also fear that the government could become more anti-west in future ...One does wonder where they take their information from?