People have never been china, talks like a china/CCP expert.
Hong Kong will fall because China can’t allow it the freedom it needs to operate. The intellectual and financial capital that hasn’t already departed will exfiltrate and all that will remain are CCP party faithful who never had the skills or motivation to succeed the way the original companies did.
The outside world will see the same Hong Kong names but those will be preserved hides over an eaten-out corpse.
More seriously, see any discussion on Tibetan Buddhism, underground Catholicism, underground Protestantism, Islam in western China, Winnie the Pooh, letters found in Halloween decorations, Taiwanese airspace, forced labor, etc.