Hong Kong’s Hang Seng Index (HSI) dropped more than 4% today after news broke that Beijing would move to pass a hugely controversial national security law for the Asian financial hub.
Other major Asian indexes were also lower. Japan’s Nikkei 225 (N225) was last down about 0.7%, while South Korea’s Kospi (KOSPI) fell nearly 1.6%. China’s Shanghai Composite (SHCOMP) slumped 1.3%.
The law, which is expected to ban sedition, secession and subversion of the Chinese central government, will be introduced through a rarely used constitutional method that could effectively bypass Hong Kong’s legislature. ♦
