hina, now through a novel outbound investment restriction. Potential investors in these technology sectors in China or owned by Chinese persons would be well-advised to consider this new law in connection with potential new investments as well as investment strategies broadly.[1] The inclusion of Hong Kong in the Executive Order is consistent with the U.S. Government’s revocation of Hong Kong’s preferential trade status and assessment that Hong Kong is not “sufficiently autonomous to justify differential treatment in relation to the People's Republic of China,” which was first promulgated in Executive Order 13936 in July 2020. Executive Order 13936 (Jul. 14, 2020); see also President Joseph R. Biden Jr., Message to the Congress on the Continuation of the National Emergency with Respect to Hong Kong (July 11, 2023), https://hk.usconsulate.gov/n-2023071101/. The U.S. Government has also increasingly identified Macau as a destination that may serve as a point of diversion into China. See 88 Fed. Reg. 2821, 2823 (Jan. 17, 2023).[2]See Title VIII – Protection of Covered Sectors, S. 2226, 118th Cong. (as passed by Senate, July 27, 2023).