It's inevitable. There is no chance the CCP will allow a free press under it's umbrella. They just need to find the right bit of populism to excuse the rundown i.e. 'They are causing sanctions'.
They'll get no sympathy on the mainland, and in HK they'll try to go on as normal as though it did not happen.
What the 'Rest of the World' should do is just recognize that HK is not 'China' and remove their special access to markets, currency etc..
China will use HK as their access point to the global economy unless the West does something about it, sadly, they may not.
HK is the financial gateway between China and the Rest of the World and that's how most foreign direct investment happens.
It's because HK is open to the world and also China, but ROW not really open to China.
China, by 'taking over HK' really implies that HK shouldn't really enjoy fee access to world markets.
This is unlikely to change though as the situation benefits everyone financial and it's not based on human rights rather it was based on transparency, commercial law, accounting standards etc..
So as long as investors stay protected, that commercial law remains in place, they can get their money out, that balance sheets still mean what they did before ... it's probably just going to stay that way.
China doesn't need to change those things to control HK, all they need to do is clamp down on the political system and eject anyone 'causing trouble'. Which they can do.
If China went after foreign account holders, or if vaporware mainland accounting standards start showing up in HK companies it may eventually be a problem, but I don't see why that would change.
Due to the fact the lease to UK was a set timeframe, China holds all the cards here.
Change of accounting standards will certainly follow as totalitarian governments are walking hand in hand with creative accounting. You just cant have society of doublespeak and censorship while maintaining transparent financial system.
If CCP will try to preserve financial system degradation might just take longer, but after few decades and several imminient emigration waves it's will be mainland all over.
