I have no knowledge of the situation. However, the news I've seen has portrayed the situation as crackdown on free speech, free elections, and democratic political ideals, not on businesses.
I know that my old sifu was quite the adaptable, machiavellian businessman and not concerned with politics as much as profit. And, I believe he would find a way to make a profit under almost any system of government that allowed at least some free enterprise.
So while I'm sure that in addition to the pandemic, the current unrest has cut into martial-arts tourism and may have dinged his bottom line, I'm equally sure his school will survive ...unless he dies or something.
Anyway, that's my best guess. If anybody has any factual, up-to-date news, please share!
None of the Hong Kong schools that I am connected with are directly affected by China's political restrictions on HK.
HK is taking the pandemic very seriously though; and some of the frequent shutdowns and precautions are putting stress on businesses in general, not just the kwoons. HK has also put a halt on travel, so the lack of normal tourism is contributing to a small degree as well. While people do travel from all over the world to visit HK for Wing Chun, my friends that teach there still have a fairly large local attendance during the times when it is safe to be open and train in person.