Hong Kong businesses back new security law despite fearsAnalysts and members of the business community have said the law could add to the risk and complexity of doing business in Hong Kong, but it is unlikely to spark a mass exodus of foreign firms. HONG KONG: China's new security law has sent fear coursing through many Hong Kong residents, but the city's commercial community has largely embraced it as a way to get back to doing business. The Hong Kong General Chamber of Commerce described the passing of the law earlier this week as "instrumental in helping to restore stability and certainty to Hong Kong, which has been severely impacted by the social unrest since last year". By the end of 2019, mainland companies made up 73%, or $3.4 trillion, of the market capitalisation in Hong Kong, according to the Hong Kong Trade Development Council. "I do feel this will add to the complexity of working in Hong Kong or operating out of Hong Kong," Jun Bei Liu of Tribeca Investment Partners told Bloomberg.

Source: Bangkok Post July 02, 2020 08:47 UTC