"It's extremely risky to keep all of our operations in Hong Kong at the moment," said Mr. El Kaddioui, who is from Morocco. "And in the long term, the possible impact could be that less companies come here, and more leave. This makes me question whether it makes sense to stay in Hong Kong."

--Stella Yifan Xie and Chong Koh Ping contributed to this article.

Write to John Lyons at john.lyons@wsj.com and Frances Yoon at frances.yoon@wsj.com