Companies in Hong Kong fear being crushed between China and US Primrose Riordan and Demetri Sevastopulo Updated Save Share Hong Kong/Washington | US business groups said a Biden administration warning about the risks of operating in Hong Kong has made life more difficult as they navigate a sweeping security crackdown by China. Citing the introduction of a national security law in the Chinese territory last year, the US âbusiness advisoryâ on Friday warned of greater surveillance of commercial data as well as threats to freedom of information owing to Hong Kongâs clampdown on the previously free media. Beijingâs security crackdown in Hong Kong has not driven foreign banks and other multinationals out of the financial hub.Â