Business people want to make money, foreign companies have started to divest from China, perhaps Hong Kong would be next?
Passing this law may akin to killing the goose for the golden eggs.
The opinion and longform side of the paper are another matter, though. Almost all the columnists are pro-Beijing hacks at this point. It's kind of like how there's a divide at Fox between the "news" side, which is relatively reasonable (e.g. with Chris Wallace), and the "opinion" side (e.g. Bill O'Reilly an his ilk). While the news folk at these kinds of places might be principled journalists, their ultimate purpose is to legitimize the propagandists on the opinion side.