Biden to warn U.S. companies of risks of operating in Hong Kong

The Biden administration will this week warn U.S. companies of the increasing risks of operating in Hong Kong as China asserts greater control over the financial hub, the Financial Times reported on Tuesday.

Threats include the Chinese government's ability to gain access to data that foreign companies store in Hong Kong and a new law that allows Beijing to impose sanctions against anyone that enables foreign penalties to be implemented against Chinese groups and officials, the FT said citing three people familiar with the matter.