These are not mutually exclusive though. Western states may still want to do business in HK, they just don't recognize the validity of the 1C2S framework. Sure, they will go along with it to the extent that allow their national firms to operate in HK, but in the back of their minds, there is a question mark, an uncertainty over just what 1C2S means anymore. They will hedge their bets. They might make their investment more limited and more contingent on conditions that weren't here before the NSL. And we might not know about this in many cases since we would not be privy to these confidential calculations.
Things might get interesting here ...
The link in the tweet has the judgement and is interesting having read so many arguments and counter arguments about police not being identifiable and their right to privacy v/s transparency.
https://twitter.com/alvinllum/status...53058857955328
More info in RTHK:
https://news.rthk.hk/rthk/en/compone...5-20201119.htm
Standing Committee declaring it doesn't in 3...2...1...
UK and allies express "serious concerns" over HK:
https://www.google.com/amp/s/www.bbc...china-54995227
Genius Ho strikes back
https://news.rthk.hk/rthk/en/compone...2-20201119.htm
While awaiting the inevitable reinterpretation from up north
https://twitter.com/galileoch...685629441?s=21