Hong Kong courts convicted two veteran pro-democracy activists of inciting subversion, a bad sign for free speech in the city and for its standing as a global money hub.

• Lee Cheuk-yan and Chow Hang-tung were found guilty under Hong Kong's national security law, along with the group they once led.
• That group ran the annual Tiananmen memorials for decades before being shut down in 2021.
• Taiwan's government called the convictions political persecution and demanded the pair be freed.
• The case dragged on for close to five years, with the defendants locked up for much of it.
• Taiwan tied the ruling to Hong Kong's future as a financial center, arguing that money follows the rule of law.

Outlook: Sentencing is next, and more pressure from Taipei and Western capitals is likely while Beijing keeps using the security law against dissent.