It matters a bit, but not that much. Failure to comply comes with a maximum fine of HK$100,000 (US$ 12,500), plus six months imprisonment for service providers. [0]
If HK police repeatedly fine a company, the company may have to stop serving HK or even China.
[0] https://news.rthk.hk/rthk/en/component/k2/1536151-20200706.h...
Of course, if the owner/operator has employees or assets in Hong Kong, those could be held to elicit cooperation.