I would not go so far as to say they "lost," but if this is a war of attrition, we will outlast them if other things remain equal.
I believe China's attention is so much on what is happening in Hong Kong that the trade stuff with the US has lessened in priority.
Lose Hong Kong's wealth and innovation, and down goes China and all its ambitions.
Particularly if a lot of those leaving HK migrate to Taiwan, which is their natural inclination.