[av_engr]

First of all, the law has been used in China to persecute political dissident. (Political dissident in that case is anyone who expose any problems in the country or being vocal about particular problem in the society or government)

Second, CCP is planning to bypass Hong Kong Legislature to implement this law as an amendment to the Basic Law (Like an HK constitution). This is completely decided by the CCP government and Hong Kongers has no say over it.

Third, Hong Kong has no universal suffrage for its chief executives and Legislative Counsel. In this case, there is no checks and balances. With some draconian law (see National Security law and the previous public emergency ordinance) and lack of checks and balances, Hong Kongers are deeply concern about their freedom in all senses.

Lastly, police brutality and the mass persecution on pan-democratic individuals also spooked Hong Konger's confidence on the city itself and its autonomy. The HK HangSeng Index dropped 5% on the first day. Then massive influx of Chinese money came into the market the next day to prop the market up.