As I sit down to write this opinion piece in Taipei, Taiwan, a wave of emotions sweeps over me. Today, Jan. 26, marks the 183rd anniversary of Hong Kong Foundation Day. While not an official holiday, it holds historical significance, representing the time when the British officially colonized Hong Kong on Jan. 26, 1841, until the handover to China on June 30, 1997.
This day isn’t without controversy; some see it as the day the Qing Dynasty lost Hong Kong, while others view it as a symbol of modernization and transformation. On a personal note, I have been in Taipei since the Taiwan presidential election on Jan. 13, but the “temptation” of touching down for a visit in Hong Kong, which is less than a 90-minute flight, needs more consideration as the city is turned into a police state. I exercise a high degree of caution because of the risk of arbitrary enforcement of Hong Kong laws.
Today, in Hong Kong, the implementation of Basic Law Article 23 and the existing National Security Law (NSL) cast shadows over its future. The NSL has been in effect since mid-2020, and Article 23 of the Basic Law may become law in the next few months. Article 23 lists seven offenses that Hong Kong must prohibit, including treason, secession, and collusion with foreign forces. The NSL, applied by Beijing, criminalizes subversion, secession, collusion with foreign forces, and terrorist acts.
The looming Article 23 and the NSL have orchestrated a symphony of sorrow in Hong Kong. The city’s core identity, woven with cultural diversity and democratic values, is unraveling, leaving behind a disheartening void. It feels like losing a vibrant piece of history, a place that has transformed from a small village to a global financial hub. As a hedge fund professional, I can’t help but analyze the economic fallout. The damages inflicted on Hong Kong go beyond fiscal concerns; they compose an economic elegy for a once-thriving financial center.
The exodus of international business reflects a lack of confidence in the Hong Kong government, stifling innovation and leaving the city’s economic landscape in disrepair. The Hang Seng Index recently dropped below the 15,000 level before a “dead cat bounce.” Institutional money is pulling out of Hong Kong because of the political uncertainty in the city, with Beijing’s invisible hand becoming very obvious, and direct intervention into every aspect of Hong Kong life becoming unquestionable under the NSL.
Amid the economic downturn and political upheaval in Hong Kong, the unjust trial of Jimmy Lai under the National Security Law (NSL) casts a dark shadow over the city’s commitment to human rights and press freedom. As the trial unfolds, the world watches with growing concern, recognizing the broader implications of the erosion of democratic principles in Hong Kong.
Mr. Lai, the outspoken publisher of Apple Daily, finds himself at the center of a high-stakes legal battle. His more than 1,100 days in detention signify the oppressive climate that has descended upon Hong Kong, with the NSL being wielded as a tool to suppress dissent and stifle free expression. Mr. Lai’s case is emblematic of a broader crackdown on those who dare to challenge the Beijing-backed puppet government.
The NSL, imposed by Beijing on Hong Kong in mid-2020, has been a lightning rod for controversy. Broadly worded and open to interpretation, the law criminalizes activities deemed as secession, subversion, terrorism, and collusion with foreign forces. It effectively places a chokehold on the freedoms that once defined Hong Kong, particularly in the realms of press freedom and human rights.
Mr. Lai’s trial unfolds against this backdrop, symbolizing the ruthless dismantling of democratic values. The allegations against him include collusion with foreign forces, a charge often weaponized to suppress any form of international support for the pro-democracy movement. The trial represents a critical juncture where the Beijing authorities seek to make an example of a prominent figure, sending a chilling message to others who might challenge their rule.
The world’s eyes are fixated on the NSL trial, recognizing its potential to set a precedent for the future of Hong Kong. The outcome of Mr. Lai’s case is not merely about one individual’s fate; it is a litmus test for the city’s commitment to justice, freedom, and the rule of law. The charges, if proven, could result in a life sentence for him, and the possibility of serving that sentence in mainland China raises concerns about the lack of due process and fair treatment.
The plight of Mr. Lai and the impending sentencing in the 47 cases from the democratic camp underline the systematic suppression of dissenting voices. The once-vibrant political scene in Hong Kong, characterized by spirited debates and diverse opinions, now languishes under the weight of political persecution. The NSL has become a potent weapon, wielded against those who dare to envision a democratic future for Hong Kong.
As different NSL trials continue while some conclude, the international community grapples with its role in safeguarding Hong Kong’s autonomy. The erosion of human rights and freedom of the press in the city is a matter of global concern, as the NSL’s impact extends far beyond Hong Kong’s borders. The world watches with trepidation, understanding that the final verdict in Mr. Lai’s case could set a dangerous precedent for the future of democratic values in Hong Kong.
In the Alliance case (Hong Kong Alliance in support of Patriotic Democratic Movements of China), organizers of the candlelight vigil for the June 4 Beijing massacre face trial, embodying the relentless pursuit of democratic ideals. These figures, Lee Cheuk Yan, Albert Ho, and Chow Han Tung, once champions of democracy, now endure persecution in a city where their cause is systematically dismantled. The Alliance has played a pivotal role in keeping the memory of June 4 alive. Its annual candlelight vigil, attended by thousands, has been a powerful symbol of Hong Kong’s commitment to democratic principles.
Mr. Lee, Mr. Ho, and Ms. Chow, prominent figures within the Alliance, stand at the forefront of this struggle. They were once the champions of democracy, advocating for freedom, justice, and the rights of the people. Now, they endure persecution, facing trials and imprisonment in a city where the democratic fabric is being systematically torn apart.
Mr. Lee, a long-time advocate for workers’ rights and democracy, has been a consistent voice for justice. His unwavering commitment to the cause has made him a symbol of resilience in the face of adversity. The government’s attempt to silence him is not just an attack on an individual but an assault on the principles that he represents.
Mr. Ho, a seasoned pro-democracy lawmaker and legal professional, has dedicated his life to upholding the rule of law and advocating for democratic reforms. His detention signals a broader crackdown on those who dare to challenge the authorities. The symbolism of imprisoning a legal mind such as Mr. Ho speaks volumes about the erosion of Hong Kong’s once-independent legal system.
Ms. Chow, a younger voice within the Alliance, represents the next generation of activists. Her dedication to the democratic cause has made her a target of the authorities. The detention of emerging leaders such as Ms. Chow is indicative of a systematic effort to stifle any future opposition.
The Alliance’s trial is more than a legal proceeding; it is a test of Hong Kong’s commitment to democratic values. The government’s relentless pursuit of those associated with the Alliance aims to dismantle the very foundations of democracy in the city. The leaders facing trial are not criminals; they are individuals who have devoted their lives to the principles of freedom, democracy, and justice.
In conclusion, Article 23 and the ominous presence of the National Security Law (NSL) cast a formidable and enduring shadow over the present and future of the city. We bid farewell to the Hong Kong that once proudly stood as a bastion of liberty, diversity, and economic prosperity. From a business perspective, Hong Kong will no longer be the preferred choice for an Asian financial headquarters, as a diverse array of professionals and democratic voices now find themselves detained and imprisoned.
The impending enforcement of Article 23 and the relentless grip of the NSL will shatter more lives and businesses, rendering Hong Kong increasingly unrecognizable. As we lament the demise of an era, it is our collective duty to safeguard the flame of freedom vigorously. We fervently hope that there is still a glimmer of hope for the future in Hong Kong.
