Microsoft Corp. MSFT 0.48% is shutting down LinkedIn in China following increased regulatory scrutiny, but the software giant has other businesses still exposed in the important market.

While other tech giants—like Google and Facebook Inc. —have mostly stayed out of China, Microsoft’s search engine Bing and its cloud-based business software remain. In addition, its Windows operating system still dominates in China.

LinkedIn said it made the decision to shut down in China after “facing a significantly more challenging operating environment and greater compliance requirements.” Those same factors could lead Microsoft to pull out other products in China, said Paul Triolo, head of the global technology policy practice at Eurasia Group, a political-risk consulting firm.

“What’s the upside?” he said. “If you went into China hoping to see some liberalization around censorship 10 years ago, you were willing to be patient and establish a foothold. That calculus seems to not be getting…

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