Millions of people have taken to the streets of Hong Kong over the past few months as protests against the controversial extradition Bill grew into violent clashes between police and protesters.

What began as a targeted protest against a controversial extradition bill in June has transformed into what feels like a battle for the future of Hong Kong. While things still unfold for the event, but it has caused billions of dollars as business been disrupted, billions worth of IPOs been scraped and conference & trade fair have been postponed or cancelled.

Hong Kong stock market ( Hang Seng Index) plunged more than -14% since the protest started in early Mar 2019. While market may still far from –1SD like the one happen in 2002/ 2009 or even the latest 2016 ( quite close -1SD), some stocks which have asset or revenue mostly derived from HKG , the stock price already