Some four in 10 AmCham members considering leaving Hong Kong over national security law fears, survey finds

Respondents to an American Chamber of Commerce survey cited the law’s ambiguity, as well as reluctance among clients to deal with US firms for fear of entanglements

They also cited recent US sanctions and the revocation of Hong Kong’s preferential trade status as potential motivation for leaving the city

3-MIN READ3-MIN

Almost 40 per cent of US firms in a recent AmCham survey say they are considering leaving Hong Kong over national security law fears. Photo: Winson Wong

Published: 7:30pm, 13 Aug 2020Updated: 8:31pm, 14 Aug 2020

Nearly four in 10 members of an influential American business group are considering relocating from Hong Kong due to the national security law, an indication of rising corporate fears over the sweeping new legislation, though most are still planning to stay, according to a recent poll.

About 39 per cent of the 154 firms surveyed by the American Chamber of Commerce in Hong Kong (AmCham) said they had plans to move capital, assets or operations out of the city after more details were revealed about the new law, an uptick from 35.5 per cent of businesses polled in July.

The remaining 61 per cent said they had no plans to exit the city.

On a personal level, 53 per cent of the people who responded said they were considering leaving Hong Kong, compared with just over 46 per cent who said they had no plans to quit the city. The firms, surveyed between August 7 and 11, represent 13 per cent of AmCham’s members, and more than half are headquartered in the United States.

AmCham acknowledged the trend for companies considering leaving Hong Kong had become “more pronounced” due to the controversial national security law, which criminalises subversion, secession, terrorism and collusion with foreign forces to endanger national security.