Motley Fool, a website that offers stock investment guides, says it has decided to shut down its Hong Kong operations due to the growing uncertainties of doing business in the city. These uncertainties include the impact of last year’s anti-sending protests in Hong Kong, the implementation of the Hong Kong National Security Law, and the trend toward decoupling between China and the United States.
Hayes Chan, chief analyst for Hong Kong at Varifax, announced the decision to close operations in Hong Kong in a letter posted on its website to members in Hong Kong on October 5, citing developments in Hong Kong that have increased the uncertainty of operating in the city.
Among the uncertainties cited in the letter were that protests against the Fugitive Offenders Ordinance in mid-2019 “have plunged Hong Kong into a protracted political crisis,” that “the recent introduction of the Hong Kong National Security Law by Beijing authorities has refocused international attention on Hong Kong’s unique ‘one country, two systems’ model and its future prospects,” and that “the trend toward decoupling between the United States and China will put this financial center in the eye of the geopolitical storm.
“All of these uncertainties make it difficult for us to make predictable decisions about how our business will evolve over the next three to five years. As a result, we want to focus and invest our resources in other opportunities where we can expand our business globally in a meaningful, efficient and profitable way,” the lead analyst said.
One of the most popular investment websites providing investment advice to millions of individual investors around the world, Mallywood was founded in 1993 and is headquartered in Virginia, USA. It entered Hong Kong in 2018.
The U.S. suspended the special treatment granted to Hong Kong after China implemented its national security law in the city on June 30 this year.
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