As your talk is quite generic, here is what I perceive as a guy who lived in HK for 10+ years.

If you are referring to against mainland China people on anti-immigration issue. It is quite normal as the citizens don't agree the government's policy on allowing mainland non-professionals to be HK citizens easily (500+ mainland Chinese people becoming HK citizens per day), statistically speaking more than 70% of them doesn't have a degree and is using government funding to survive every month (which is actually from HKers' tax) as I recall.

If your Conspiracy Theories are about COVID vaccinations, which many HKers believe that they want to wait for 1-2 years to make sure the long term side effect is minimal. I do think that is understandable given that there are quite some correlation of certain side issues (not causation)