For decades, HK is a source of capital for China, while for the west, it is a foothold to invest in China without subjecting themselves to Chinese laws. For decades, China accepted this arrangement because China needed capital to develop. Now China is already pretty rich, it has its own source of capital. Chinese market is large enough to attract foreign direct investment without passing HK. China also has Shanghai. In a sentence, HK value to China isn't that important anymore.
But for the west, HK is still an important foothold to do business in China while avoiding Chinese laws. I likened it to a pirate nest where pirates can hide after raiding mainland. If China get rid of this nest, China will force the western businessmen to go directly to China if they want to do legitimate businesses. If not, they can go back to whatever shithole they came from. Of course, they can also choose to hide in singapore, but it won't be as convenient as HK.
Now those black shirt thugs are actually helping China to destroy this pirate nest. So let's see it burn down. You can't build new things without tearing down the old ones, and the blackshirt is doing it for free too, tearing down their own homes, LoL.