攵 centers on striking or hitting, and is primarily used as a component (radical variant) in other characters rather than as a standalone kanji. Its meaning as a folding chair radical is a modern descriptive label for its shape.
攵 is a simplified variant of 攴, which depicts a hand holding a stick or whip, conveying the idea of striking. The modern form is a common radical abbreviation.
Meaning mnemonic
Picture a hand holding a stick, ready to strike. The shape looks like a folding chair only as a modern visual reminder, but the original idea is a striking tool.
Reading mnemonic
For ホク, imagine a hawk striking its prey: hawk -> ホク, and the sharp strike matches the kanji's meaning.