© 2018, © 2018 Informa UK Limited, trading as Taylor & Francis Group. With the September 2014 `Umbrella Revolution¿ in Hong Kong, China faced one of the biggest political challenges since the Tiananmen Square events. Beijing¿s proposed electoral reform was perceived as a direct attack to democracy, and the ensuing protest triggered concerns amid local and international investors; the financial sector took the hardest hit, with stocks of companies exposed to the Hong Kong market facing significant losses. Volatility continued to increase to a seven-month high over worries that the student blockade in Hong Kong¿s streets could drag on for longer than expected. The econometric-based analysis in this paper looks at the implications of the protest and its spillover effect on the Hang Seng Index with a focus on sectoral performance. The ultimate objective is to gain a better understanding of the impact of the protests on different stocks and sectors with the goal of identifying market vulnerability and potential volatility patterns.