On 16 July 2021, the U.S. Departments of State, Commerce, Homeland Security and the Treasury issued a joint advisory regarding potential risks to businesses operating in Hong Kong due to a national security law passed in mid-2020 as well as U.S. sanctions targeting Chinese officials involved with implementing the law. The advisory highlights the four following primary risk categories: risks associated with the national security legislation, data security, Hong Kong government transparency, and risks associated with business dealings that involve sanctioned individuals. The full text of the advisory is available here.