More Hong Kong Companies Consider Relocating Due to Security Law

According to a business survey released on July 13, more companies are now thinking of moving out of Hong Kong as a result of Beijing’s newly-implemented national security law, compared to a month ago. China’s rubber-stamp legislature formally enacted the security law with ceremonial votes on June 30. The law criminalizes individuals for any acts of subversion, secession, terrorism, and collusion with foreign forces against the Chinese Communist Party (CCP). The law could impose a maximum penalty of life imprisonment.