They're actually succeeding- the government has backed down and apologized. The protests are pushing on for the resignation of the Chief Executive.
Keep in mind this new extradition law also applied to foreign, non-HK/CN citizens visiting Hong Kong legally. Companies operating in HK _really_ did not want this bill, either,
I don't think we can conclude the long-term intent from backing down now. It could be simply kicking the can down the road. Beijing might just be waiting to try this later. The longer they wait, though, the riskier it gets to push the Socialist system onto Hong Kong. It seems more and more citizens are willing to defend Democracy than has been the case in Hong Kong's past. If the numbers are correct, this is more protestors than the Umbrella movement.
Keep in mind this new extradition law also applied to foreign, non-HK/CN citizens visiting Hong Kong legally. Companies operating in HK _really_ did not want this bill, either,