WASHINGTON—The Biden administration on Friday issued an advisory to warn U.S. businesses about risks to their operations and activities in Hong Kong after China’s imposition of a new national security law there last year. The advisory from the departments of State, Treasury Commerce, and Homeland Security warns businesses in Hong Kong that they are subject to the territory’s laws, including the national security law, under which foreign nationals, including one U.S. citizen, have been arrested. It says businesses face risks associated with electronic surveillance without warrants and the surrender of corporate and customer data to authorities. It adds that individuals and businesses should be aware of potential consequences of engaging with sanctioned individuals or entities and warns that they could face Chinese retaliation for complying with U.S. and other international sanctions. The advisory comes just over a year after former President Donald Trump ordered an end to Hong Kong’s special …