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This law has affected the distinction between legal systems of China and hong kong and now a closely similar law will be applied in Hong Kong and mainland China. china taking advantage of annex 3 of basic law introduced the rule of trial of Hong kong nationals in mainland China and ultimately people demanded full Democracy so now china introduced the draconian law , the national security law, completely blowing away autonomy of Hong Kong.
We can expect huge investment in Hong Kong market from China, and it'll remain a promising market place for businesses however USA may abolish the trade exemptions to Hong kong and put restrictions on export of defense and high technology products and other countries supporting hong kong but against China may do the same . Chinese companies will expand to Hong Kong easily and will result in slow invasion of Chinese laws into Hong kongs legal and corporate governance systems which will ultimately effect the business laws and the law firms
This new law will affect Hong Kong drastically. Hong Kong has always been seen as the Asian hub for international companies, however this is likely to change due to the political uncertainty.
Hong Kong will see a spike in investment from big Chinese companies who are likely to start moving business there. The problem this will cause is dependency. It was seen as autonomous but this will change making it reliant on Chinese income, investment and rulings. It seems that the days of influx of international business will end and Hong Kong's stock prices likely to take a hit.
Many companies are worried and refrain from commenting on the situation. Jes Staley, chief executive officer of Barclays Plc stated that they will not be getting involved in the politics and will wait for a response from the U.K. government. This is evidence of the worries and uncertainty of the situation.
This will complicate matters and work conducted by investors, banks and law firms. It will be interesting to see how international law firms with offices in Hong Kong will react. Will secondments be cancelled? Will they stop trading with Hong Kong?...
What will be happen to Hong Kong if all law firms got up and left? Good timing to close down an office considering the climate.
DO READ: https://theprint.in/economy/what-hong-kongs-new-security-law-means-for-business/452145/