There is nothing baffling about this.
CLam is clearly under the duress of the CCP - and not just for the simplistic reasons of her maintaining her own face/position/power/etc...
She is the lynchpin of CCP control in HK.
So, lets assume she caves to the protesters... (wont happen), she would wreak the ire of the CCP - and obv, she is as much of a leach oligarch as the rest - so she clearly cant choose the cup in front of her.
Now, if she were to take the strong arm of the CCP against the protesters, she would wreak the havoc of the international sanction prospects of the world abroad.
So she clearly cannot choose the cup in front of you...
What she does know is that the global authoritarian regimes have spent the last few years building an immunity to Protester-Murder Requiring-Protester-Backlash-in-the-face-of-economic-and-geo-political-gains.