Seems no-one has actually bothered t read what The Asia Internet Coalition has actually said. Here is a more balanced report
https://hongkongfp.com/2021/07/07/reports-of-tech-giants-threatening-to-leave-hong-kong-over-privacy-law-misleading-says-govt/
You will note there are lots of coulds and perhapses. Interestingly when other countries propose or enact similar legislation it is considered normal and necessary. do you remember Trump's and Jackson Cosko's doxxing?