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The U.S. has warned investors about the risks of doing business in Hong Kong, issuing an advisory that said China’s push to exert more control over the financial hub threatens the rule of law and endangers employees and data.

A senior official in the administration of U.S. President Joe Biden said developments over the last year in Hong Kong present operational, financial, legal, and reputational risks for multinational firms that necessitated the advisory, issued Friday by the State and Treasury, Homeland Security and Commerce departments.

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