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Ant Financial and Tencent, which according to iResearch make up the lion's share of China's 22.7 trillion (.4 trillion) mobile payment market, have just completed a weeklong battle in which they dished out generous incentives to lure users to their payment systems.

Apart from tour agencies, hotels are also suffering. Tourism sector lawmaker Yiu Si-wing forecast that occupancy rate of Hong Kong hotels could drop by 10 percent and their revenue could slump by 20 percent.

Another project in the pipeline for Shanghai is a hotel in a Mediterranean style, with an Italian kitchen, South of France and Italian-style decoration, and an indoor garden.

Annie Yau Tse On-yee, chairperson of the association, said that with a higher probability of shops closing, the retail sector's business may deteriorate, and there's no hint it could rebound.

Apart from investing more on digitalization, the company established the group's head office for the Chinese mainland in Shanghai this year, to forge a closer bond with local exchanges, as well as create a better connection with local business partners, in order to integrate resources and diversify sales channels.