I don't know if it's neutral or not, but it's just factually incorrect. The five demands of the protestors (now six actually) do not include anything about separatism/independent state. (See: https://en.wikipedia.org/wiki/2019_Hong_Kong_protests#Object...)

The fact that someone as prominent as Joe Tsai made such a factually incorrect public statement is a bit bothersome; and seems to suggest that there's truth in that Chinese media really wants to portray the protests as separatists movements (which is not true) to its people. (https://en.wikipedia.org/wiki/Reactions_to_the_2019_Hong_Kon...)

The thing is, Joe is right in the rest of his post -- everything about China's sensitivity to territories and separatists movements. It's that his categorization of Hong Kong's movement is wrong, which makes the whole argument invalid.