  Hong Kong's anti-ELAB movement had a significant impact on the stock market
the stock price of listed companies. Using the number of protestors as the
measurement of daily protesting intensity from 2019/6/6 to 2020/1/17, this
paper documents that the stock price of listed companies associated with the
pan-democratic parties were more negatively affected by protesting than other
companies. Furthermore, this paper finds that after the implementation of the
anti-mask law, protesting had a positive impact on red chips but a negative
impact on companies related to pan-democracy parties. Therefore, this paper
believes that after the central government and the HKSAR government adopted
strict measures to stop violence and chaos, the value of the political
connection of red chips became positive while the value of the connection with
pan-democracy parties became negative.
