Most of the countermeasures have already happened. Sure, the west will stop selling equipment to Hong Kong police, but it's not like that really makes a difference.

From an economic and especially security stand point, the west will accelerate integration of Hong Kong into their China policies, eg end any differentiation of special benefits that Hong Kong enjoyed. In turn this will accelerate the integration of Hong Kong into mainland China's policy structure, with "rule by law" encroaching on "rule of law".

The biggest unknown is how much economic rules and laws change internationally for Hong Kong, which will affect how much of the capital markets rule of law is kept. If the rest of the world keeps most of the existing treatments of HK listed securities, financial entities, and global market access, then China will likely reciprocate and leave HK's non-securities related laws intact. Then that can settle into a stable equilibrium for a while and maybe see HK recover a bit as a hub again. That's maybe my base case for now.

Not entirely sure where this UK passport issue is going to go.