Dear readers and supporters,
HKFP marked 10 years of publishing in 2025 – with our newsroom reaching the milestone intact and motivated, if not somewhat battered and bruised by the political and economic pressures facing the media at home and globally.
Thanks to our members, we published dozens of original features last year, followed the “patriots only” elections, shared live reporting of the Wang Fuk Court fire tragedy, and provided a trusted account of the Jimmy Lai trial. Our team presented two special series: Hong Kong Originals and Partners in Pride, and we continued to cover every twist and turn of the national security clampdown. We also won an Excellence in Investigative Reporting SOPA honourable mention, and our photojournalist was a finalist in the Extreme Heat Photo Contest.
Away from the news beat, we refreshed the HKFP website last July with new branding, released new mobile apps, launched a new HKFP Monitor newsletter with our expert analysis of the week’s developments, and welcomed back our deer mascot. The HKFP deer refers to a Chinese proverb about the distortion of facts, and how we will never “call a deer a horse.”
In 2025, HKFP was also accepted as a member of the Journalism Trust Initiative following a rigorous, 130-point external audit of our editorial and ethical practices. And we put together eight new benefits for our recurring donors with the launch of our membership programme. Regular backers now enjoy ad-free browsing, exclusive content, feature previews, merch discounts and a free gift. Almost 300 new, regular contributors signed up. Yearly, and gift, subscriptions were also enabled later in the year.
Despite the successes, 2025 also saw our newsroom enter a fourth year of deficit with a record HK$1.9 million loss. We made aggressive cutbacks whilst seeking to protect jobs, staff pay and output. The situation was not helped by the drain on resources caused by a 20-month “random” tax inspection. Inland Revenue alleged a HK$3,020 tax shortfall that resulted in a HK$57,692 settlement, including penalties.
It is not the first government department to come knocking, and the city’s press freedom situation remains precarious. Nevertheless, we are still able to interact with sources and the government, bear witness at the legislature and write the first draft of history from the courtroom. The benefits of remaining on the ground still outweigh the alternatives, so our team is committed to continuing our mission alongside Hongkongers.
2026 heralds the Year of the Fire Horse – a symbol of resilience against adversity. And just as it defies the odds with strength and independence, we remain dedicated to fearless, impartial journalism – no matter the challenges ahead.
I am pleased to present our latest Annual Report and Transparency Report. Thank you to all of our readers, and especially our members, for your kind, ongoing support.

Mission and impact:
Founded in 2015, Hong Kong Free Press is an impartial, non-profit, award-winning English-language newspaper. Run by journalists, backed by readers and completely independent, HKFP is governed by a public code of ethics.



The Best of HKFP 2025:
Partners in Pride: HKFP continued to shine a spotlight on marginalised communities throughout 2025. As Hong Kong awaited the government’s move to comply with the Court of Final Appeal’s ruling on recognising same-sex marriage, HKFP launched “Partners in Pride” – a three-part series delving into the unique challenges faced by LGBTQ couples in the city.
In the first part, we spoke with same-sex couples who had tried to have a child, either through surrogacy, artificial insemination, or adoption. In the second part, LGBTQ parents shared with us the social and legal challenges of raising children in the city. In the third, and final, part, same-sex couples told us how they prepared after-death arrangements – a necessary step in a city where their marriages are not legally recognised.
Hong Kong Originals: In our new Hong Kong Originals series, HKFP documents the craftsmanship and spirit behind goods that are still proudly “Made in Hong Kong.”
We spoke with the fourth-generation co-owner of Koon Chun Sauce Factory, a 96-year-old soy sauce manufacturer, as it was preparing to leave its Yuen Long facility to make way for the Northern Metropolis megaproject. Other old-time Hong Kong companies we highlighted included Wing Lok Noodle Factory, founded in 1976, and the Camel flask brand, established in 1940. Just in time for the Mid-Autumn Festival, we visited the family-run Kwan Hong Bakery in Sham Shui Po, which has been making handmade mooncakes and other traditional pastries since 1979.
We also profiled younger, unique establishments, which have been around for less than a decade. We spoke with the founders of Two Moons Distillery, which produces artisanal liquors rooted in the city’s identity, as well as the architect behind social enterprise HK Timberbank, which gives Hong Kong’s typhoon-felled trees a second life as bespoke furniture.
Original Reporting: Shortly after the government unveiled the 2025-26 budget, we hit the streets to seek comments from people on the government’s cost-cutting measures in response to another year of financial deficits.
Hong Kong was once again unwittingly caught in the US-China trade war, with US President Donald Trump’s latest tariffs on Chinese goods targeting the city’s products. We spoke with local entrepreneurs and analysts about the impact, and examined Washington’s cuts to Chinese-language media.
Trump’s presidency also affected refugees and asylum seekers who found themselves in limbo after his executive order suspended the US resettlement programme.
We also shone a spotlight on the generosity of Hong Kong residents who give up their free time to visit foreign inmates they have never met in person.
We followed former street sleepers volunteering to cook and distribute food to the homeless as a way “to give back to the community.” We chatted with eight former street sleepers who had overcome homelessness and drug addiction days before they flew to Oslo, Norway, to represent Hong Kong in the annual Homeless World Cup tournament.
HKFP looked into why the city should have a homeless shelter on government land after NGO ImpactHK’s proposal was opposed by residents and ultimately rejected by authorities.
In a city where housing prices are the highest in the world, many low-income Hongkongers live in subdivided flats, often in substandard conditions. We ran several stories linked to this social issue.
We spoke with owners, operators, and tenants of subdivided units about the impact of the government’s plan to tighten requirements for “shoebox flats.” Collaborating with artists Miu Law and Victor Sham, sociologist Ruby Lai turned her research on tenants of subdivided units into an exhibition to highlight their real-life stories and challenge their stereotypes and stigmas.

We followed registered dietitians Joyce Chan and Hannah Wong, who teach underprivileged communities living in subdivided units how to transform soy pulp – the by-product of tofu and soya milk – into nutritious and delicious vegan dishes.
Despite lagging behind jurisdictions like Taiwan and Thailand, which have embraced equal marriage, Hong Kong has come a long way in terms of LGBTQ rights. Researcher Connie Chan organised an exhibition charting the LGBTQ history in the city, from the 1980s to the 1990s, after the British colonial government decriminalised homosexuality.
Ahead of the December “patriots only” legislative elections, HKFP looked into Hong Kong’s centrist, moderate groups, focusing on their struggles to secure candidate nominations since the 2021 electoral overhaul.
HKFP revisited the topic of emigration, years after a big wave of residents left the city. Facing red-tape delays in processing permanent residence applications, Hongkongers who moved to Canada under the lifeboat programme were pondering whether they should return home. We also spoke with veteran playwright Chan Ping-chiu and lead actor Chung Yik-sau before the re-run of Flowing Warblers – an award-winning drama that tells interconnected stories of Hongkongers living in four locations across Europe and in Hong Kong.
We examined cross-border issues, from Hong Kong families flocking to Shenzhen and other neighbouring mainland cities for affordable shopping and dining to mainland Chinese who have acquired top talent visas but decided not to live in the city.
HKFP also looked into pertinent topics related to local youth. Amidst the crackdown on “space oil,” an addictive substance popular among those aged 21 and under in Hong Kong, our talks with some former addicts and social workers helping young people kick the habit urged authorities to pay more attention to mental health. We also spoke with teenagers turning to artificial intelligence (AI) chatbots for emotional support to deal with their mental health issues, unaware of the technology’s potential risks.
HKFP was the only mainstream media outlet reporting on Hong Kong’s first children’s activity book featuring the city’s own ethnic minority women. We not only spoke with HKU law professor Puja Kapai and secondary school students who attended her campus programme and created Journey With Me Through Hong Kong, My Home, but also sought reactions from the city’s ethnic minorities.
We joined the loyal patrons bidding farewell to Cinta-J Bar & Restaurant, a 42-year-old establishment beloved by Hong Kong’s Filipino community, and profiled an unorthodox vegetarian eatery that closed its doors.
As Israel’s war in Gaza continued in 2025, we profiled a small yet dedicated group of anti-war activists protesting in support of Palestinians – from gatecrashing an Israeli-backed film festival to marching through Tsim Sha Tsui.
In health-related topics, we interviewed a mother who became one of the first donors at the Hospital Authority’s new breast milk bank.
We also reported on how an art therapy programme helped residents cope with their cancer diagnosis and treatment. For migrant workers, cancer and other serious illnesses can be a double – or even triple – whammy. We talked with a Filipina domestic worker diagnosed with breast cancer who lost her job after she underwent chemotherapy, against her employer’s wishes.
We highlighted complex challenges faced by workers injured at work in claiming their entitled compensation, causing one labourer to lose not only his job but also his savings, home, and even family.
Following the exit of the UK-based Deliveroo app, the Hong Kong food delivery market is controlled by a duopoly: the Singapore-based Foodpanda and the Chinese-owned Keeta. Our feature looked at the aggressive expansion of the Chinese app and the long-term impact on businesses and workers in the city.
HKFP spoke with Hongkongers whose family members were trafficked to and forced to work in scam farms in Myanmar. We revisited the issue when former district councillor Andy Yu, who has been supporting them, and social worker Frank Fung launched a book detailing the harrowing accounts of the victims and the great lengths their families went to bring them home.

We talked with Yau Tam Mei Tsuen residents, whose days in the village are numbered, as the Northern Metropolis project will start evicting them from their homes in 2027, uprooting ways of life in the northern New Territories. On the day of the eviction deadline, we visited the centuries-old Cha Kwo Ling Village in Kwun Tong, set to be redeveloped into public housing, and chatted with residents who stayed on.
We did a deep dive into bird-window collisions at the University of Hong Kong, the city’s oldest tertiary institution, speaking with scholars and activists about the lethal problem and their efforts to tackle it.
Ahead of Ching Ming Festival, and weeks after a hill fire engulfed hundreds of trees in Mui Wo, we spoke with Lantau-based environmentalists and tree planters Paul Melsom and Jennifer Quinton, who called for better wildfire awareness. We visited Quinton’s house in Mui Wo, home to her eco-education centreArk Eden, and learned how she found her green calling.
We also delved into human-interest stories behind Super Typhoon Ragasa, which lashed Hong Kong in September. There were small-business owners who took in cats and dogs living in animal shelters unequipped for the major storm. After a decades-old tree at Oi Man Estate was felled by Ragasa, we witnessed how HK Timberbank and Good Sense Lab, an NGO based at the housing complex, sought to salvage the timber and preserve a piece of history.
Tai Po Fire Tragedy: HKFP ran several in-depth reports on the massive Tai Po blaze, Hong Kong’s deadliest in nearly eight decades. Days after the fatal fire struck, we captured the anguish of Wang Fuk Court residents as they searched for their missing relatives and pets. We also highlighted self-mobilised grassroots relief efforts, including migrant workers’ groups, that quickly sprang up to support the victims.
We later sat down with survivors grappling with the emotional toll of losing not only their homes but also people they knew, from family members to friends and neighbours.
Of the 168 people killed in the fire, 10 were migrant domestic workers: nine Indonesians and one Filipina. Domestic workers who survived the fire had to quickly pick up the pieces and deal with job insecurity as families employing them faced financial difficulties.
One month after the fire, we caught up with Wang Fuk Court residents still struggling to adapt to life amidst displacement and bereavement.
Explanatory Reporting: We continued our monthly explainers on the impact of national security legislation on the city, both the Beijing-imposed law in 2020 and the homegrown law, the Safeguarding National Security Ordinance, better known as Article 23, enacted in 2024.Five years after China enacted the national security law, we gave an overview of how the legislation permeated Hong Kong’s bureaucracy, from government departments to statutory bodies. We also tracked press freedom in the city – month by month – after the onset of the national security law, as well as mysterious venue cancellations, showing how much more frequent they have become since 2020.
We also looked at the six new offences and six “prohibited places” after Hong Kong enacted subsidiary legislation under Article 23 in mid-May, less than 24 hours after it was introduced to the opposition-free legislature. In a year that saw the disbandment of two more pro-democracy parties, we traced the history of the two opposition groups: the Democratic Party and the League of Social Democrats.
After the CEO and staff of the Hong Kong Public Opinion Research Institute (PORI) were questioned by national security police, our explainer offered a timely overview of the polling organisation and its history.
We explained the government’s proposed same-sex partnerships bill as the Legislative Council (LegCo) debated the framework, which was eventually voted down by the lawmakers. And as the seventh LegCo term came to an end, we tracked down the first opposition-free legislature’s performance and compared it with its predecessors.
With Hong Kong drawn into the US-China tariff war, HKFP looked at the timeline of the trade dispute between the world’s two biggest economies, its impact on the city, and CK Hutchison’s ports deal, which includes facilities at the Panama Canal – a business decision derided by Beijing.
We delved into Hong Kong taxi licences to explain why their values had plummeted amidst the ongoing rivalry with Uber.
Shortly after a bottled water procurement scandal rocked the city over the summer, HKFP examined the controversy, those who might be held responsible, and the government’s tendering process.
In the aftermath of the fatal blaze in Tai Po, we published several explainers related to the tragedy: looking at the deadliest fires recorded in Hong Kong, tracing the timeline of events leading up to the disaster and its aftermath, and shining a spotlight on the pervasive bid-rigging problem in the city’s building renovation industry.
Jimmy Lai trial: HKFP bore witness to every twist and turn of the trial of pro-democracy media tycoon Jimmy Lai, publishing an accurate, permanent record of the Apple Daily founder’s national security hearings. He was found guilty in late 2025.

Interviews: Throughout 2025, HKFP conducted and published in-depth interviews with newsmakers, movers and shakers in Hong Kong.
We spoke with filmmakers – director Benson Koo, sound designer Stan Chan, and the rest of the production team at Wave Pictures – who crisscrossed the city to host 100 community screenings of their feature, The Perks of Being Wild, which was never shown in a cinema.
Indie band An Id Signal talked about their long-awaited new album, The Path Where Grief and Joy Intersect, which was born out of the 2019 protests and the Covid-19 pandemic. We sat down with post-punk band Restless Waters following the release of their new album and ahead of its release party.
We also spoke with poet and translator Tim Tim Cheng, whose social awakening began after watching An Id Signal perform in Choi Yuen Tsuen, a soon-to-be-demolished village.
Hong Kong-born filmmaker Robin Lee talked about Four Trails, after his documentary about runners competing in the city’s gruelling ultramarathon race became an unexpected box-office success. Videographer Chris Owen told us how he developed a passion for Hong Kong’s wildlife and the challenges of capturing animals on camera.
Days before leaving for his new post in Beijing, US Consul General Gregory May gave HKFP one of his last interviews in Hong Kong, discussing everything from his favourite local dishes to diplomatic relations.
And weeks before her term ended, departing first-time lawmaker Doreen Kong welcomed us to her office as she talked about being labelled “outspoken,” her plans after leaving office, and the state of civic society in Hong Kong.
We visited artist Steven Leung at his studio, where his passion for food inspires him to create drawings of everyday Hong Kong cuisine, and chatted with Japanese photographer Miyuki Kume, a collector of thousands of Hong Kong-made vintage pieces.
We profiled darts players Mathew Lee and Hugo Leung, who say they are the only ones in Hong Kong making a living from the sport’s cash prizes and sponsorships.
Hong Kong nurse Krystal So, who recently returned from her third deployment with medical charity Médecins Sans Frontières (MSF), shared stories about the Israel-Hamas ceasefire and her experience helping Palestinians in war-torn Gaza
Scoops: In an exclusive, we revealed that at least six independent bookstores faced simultaneous tax audits.
We also looked into how government appeals and prolonged court proceedings took a personal toll on defendants in 2019 protest-related cases.
In another scoop, we spoke with Anthony Chiu, who, for several years, had driven his Porsche with the licenceplate number “US 8964” on the Tiananmen crackdown anniversary. He disclosed a year of harassment and his decision to ship his beloved car overseas ahead of June 4.
We sat down with the leaders of Lingnan University Student Union and learned about their standoff with the university after it imposed new rules on the student group – the latest sign of uneasy relations between students’ unions wishing to represent their peers and universities seeking greater control over student leaders.


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Awards
HKFP’s original reporting was recognised in 2025 with two new awards
In June, HKFP won an honourable mention at the prestigious Society of Publishers in Asia awards. Our investigation into Hong Kong’s role in illegal deforestation of the Amazon rainforest was recognised in the excellence in Investigative Reporting category.
In December, Photography by HKFP’s Kyle Lam was shortlisted in the Extreme Heat Photo Contest, organised by Internews’ Earth Journalism Network and the Global Heat Health Information Network.

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Ethics at HKFP
Hong Kong Free Press is proud to have gained the Trust Project hallmark following a rigorous, months long vetting process. The global transparency standard proves a news outlet’s commitment to original reporting, accuracy, inclusion, and fairness.
HKFP has publicly disclosed and expanded its ethical policies, standards, reporting and corrections guidelines to adhere to the eight Trust Indicators. The move, in 2023, sought to improve media literacy and battle “fake news,” misinformation and online propaganda.
First adopted in March 2020, our newly revamped guidelines lay out HKFP’s mission, our priorities, our expectations for staff conduct and impartiality, as well as how we deal with issues such as AI, advertising, anonymity, balance, security, sourcing and issues of race, religion, sexual orientation, disability and identity.
We joined around 300 newsrooms across the world displaying the Trust Mark symbol, including the BBC, Washington Post, Sky News, CTV and the Economist.

Our Policies, Ethics and Best Practices guidelines are living document. In an ever-changing city, with the space for press freedom and trust in media in decline, we will continue to evolve – and disclose – our professional practices and guiding principles.
The 8 Trust Project Indicators:
1. Best Practices – who is behind the news?
If a journalist’s organization has rules they must follow to make sure their reporting is independent, accurate and honest, then their news will be more trustworthy.
2. Journalist Expertise – who made this?
We are rarely there to see events in the news for ourselves, so we rely on the journalist. They should follow strict standards for gathering solid evidence and multiple perspectives.
3. Labels – news, opinion, or what?
It’s important to know whether your news is impartial or deliberately biased. Stories should be clearly labelled if they are designed to persuade us to agree. If it’s journalism, then it’s meant to help us develop our own opinions.
4. References – what are the sources?
When a journalist is developing a news story, they may use information from eye witnesses, documents and other places – called sources. When a journalist shows their sources, we can check their reliability for ourselves.
5. Methods – why was it built?
If we know why a journalist chose a particular story and how they reported it, it’s easier to interpret it. A journalist’s methods help us know how fast-moving, well-researched or impartial the story may be.
6. Locally sourced – do they know you and your community?
If a journalist knows and lives in the community, they can explain an event or issue more sensitively and accurately. If not, they can improve their reporting by going there and speaking to others who have local and community knowledge.
7. Diverse voices – who is in the news, who is missing?
If certain voices or experiences are missing from the news, we don’t get the full picture. Look for voices less commonly heard in society, often because of race, class, generation, gender, sexual orientation, ideology or the region they live in.
8. Actionable feedback – does this news site listen to me?
By inviting and listening to public feedback, journalists can make sure their work is accurate and complete. The public also might help them find important news they had overlooked.
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HKFP is proud to have gained The Trust Project hallmark – the first global transparency standard that proves a news outlet’s commitment to original reporting, accuracy, inclusion, and fairness.
| ✔ Most trusted English-language online outlet, per CUHK’s Centre for Communication & Public Opinion Survey. | ✔ HKFP is registered with, and recognised, by the Hong Kong government’s Office for Film, Newspaper and Article Administration. |

HKFP is rated by Ad Fontes Media experts as providing reliable, factual reporting from a politically neutral perspective. HKFP scored 43.20 in terms of reliability and news value, slightly above The Economist and the local SCMP.

HKFP is a member of the Society of Publishers in Asia. SOPA was founded in 1982 to “champion freedom of the press, promote excellence in journalism and endorse best practices for publishers…”

HKFP is a member of the International Press Institute – a 73-year-old UN-recognised global organisation dedicated to the protection of press freedom and improvement of journalistic practices.
Hong Kong Free Press became Hong Kong’s only Journalism Trust Initiative (JTI) certified news outlet last year, reflecting our commitment to high-quality, trusted, and transparent journalism.
HKFP underwent a rigorous, 130-point evaluation of its editorial and ethical practices by external, independent auditors over the course of a year. The process involved disclosing HKFP’s governance structure, sources of funding, training procedures, and policies to ensure editorial independence.
The JTI was developed in 2019 as an ISO standard by a panel of 130 experts, including journalists, institutions, regulatory bodies, publishers, and new technology players. It aims to tackle the rise in disinformation and the acceleration of unregulated AI. Over 2,000 media outlets have joined the certification process across 119 countries – around 100 outlets are now fully on board. Unlike other credibility indicators, the JTI evaluation considers how journalistic work is put together, not just the output.
It works as a benchmark for governments, regulators, advertisers, social media platforms, and search engines to be assured that HKFP delivers quality, accurate, and ethical reporting. Already, the algorithms of search engine Bing, digital newsstand Cafeyn, content aggregator YEP and fact-checking application Ask Vera recognise the certification.



HKFP is committed to illustrating extreme heat in an accurate and ethical way so, last year, we released dozens of free-to-use, locally shot images for individuals and non-commercial entities as part of our Wikicommons Climate Project.
Too often, news media depict unprecedented heatwaves with “fun in the sun” images of cheery beachgoers or children playing in fountains. However, the reality is more long-term, and a lot less trivial: struggling workers, sweating pedestrians, and ecological damage.
Between 2000 and 2019, around 489,000 people died every year from extreme heat around the world, according to a modelling study reported in The Lancet. In Hong Kong, the poor are disproportionately affected, and the city recently recorded its hottest summer since records began in 1884.
Locally, depicting extremes can be challenging, as heat itself is invisible and many suffer indoors. The Climate Visuals project agrees that “environmental imagery is often ineffective, inaccessible or absent.” Therefore, in recent years, HKFP has invested in portrayals that better communicate the effects and dangers of extreme heat. We invite everyone to download the high-resolution images from Wikimedia Commons under a Creative Commons Attribution 4.0 International licence.
Impact & Positioning
Trusted worldwide: HKFP’s reporting has been cited by numerous int’l outlets.

No paywall: We will always ensure our news remains accessible & free of charge.


Staff & Structure
Hong Kong Free Press would be impossible without the support and assistance of our countless tech, editorial, accounting, freelance staff and volunteers, as well as Newspack and The Hive.
HKFP Transparency Report
As Hong Kong’s most transparent news outlet, HKFP is externally audited annually, sharing our accounts online since our inception. We have no shareholders, and we do not answer to any business tycoon, government, mainland conglomerate or media mogul. Thanks to reader donations, no big funder can “pull the rug.”
In 2025, our newsroom entered a fourth year of deficit with a record HK$1.9 million loss. We made aggressive cutbacks whilst seeking to protect jobs, salaries and output, though a 20-month “random” tax inspection strained resources. Provisional figures show that income fell by 16% amid waning interest in Hong Kong news, a population exodus, and a slowing economy – however, we added almost 300 new recurring donors. On average, we spent HK$159,428 more per month than we had coming in during 2025, but were able to reinvest our surplus.
Income 2016-2025
How is HKFP funded? Our finalised, audited income up to 2024, and our predicted income for 2025 – in HK$.
| Income | 2025* | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Direct contributions | 2,973,069 | 3,441,496 | 3,609,235 | 3,587,606 | 4,497,890 | 6,357,972 | 6,056,859 | 2,463,408 | 1,769,760 | 1,063,125 |
| Ads & content sales | 86,587 | 174,815 | 262,635 | 418,957 | 143,695 | 110,247 | 271,066 | 136,084 | 328,759 | 92,276 |
| Events | – | – | – | – | – | – | 263,361 | 24,390 | 0 | 8,352 |
| Bank interest, insurance claims, exchange gains | 4,711 | 27,970 | 45,242 | 6,516 | 3,945 | 10 | 226 | 21 | 1 | 12 |
| Gov’t Covid subsidy | – | – | – | 96,000 | – | 216,000 | – | – | – | – |
| Total: | 3,064,367* | 3,644,281 | 3,917,112 | 4,109,079 | 4,645,530 | 6,697,010 | 6,591,512 | 2,623,903 | 2,098,520 | 1,163,765 |
- 💰 Reader supported: 97% of HKFP’s income comes directly from readers, ensuring our independence. However, only 0.3% of regular visitors to our website donate.
- ♻️ Surplus recycled: As a non-profit, with no shareholders, investors, billionaires or umbrella company overseeing it, any surplus is recycled back into the HKFP newsroom for future use.
- 🔒 Future security: The company retains a HK$1m legal defence fund in light of new challenges to press freedom, in addition to an emergency fund of HK$1m.
- 💡Efficiency: HKFP is run as efficiently and prudently as possible, in order to maximise the impact of our donors’ generosity. We make savings by partnering with other media outlets, using free software/tools, and making full use of teamwork and automation.
- 💲Membership: To ease the deficit last year, HKFP provided eight new benefits to regular donors, attracting nearly 300 new recurring supporters. HKFP will focus on expanding its member base and offerings in 2026.
- 🪙 Bitcoin: To ease the situation, HKFP cashed out HK$162,441-worth of its Bitcoin investment to pay office rent in 2025, leaving 2.15 BTC on hand. The crypto was donated by readers between 2021-2022, declared for tax purposes, and retained as an investment, hence it does not appear as income in our 2025 figures.
| Year | Amount |
|---|---|
| 2015 surplus: | HK$91,654 |
| 2016 deficit: | -HK$45,569 |
| 2017 surplus: | HK$445,796 |
| 2018 surplus: | HK$574,042 |
| 2019 surplus: | HK$3,698,358 |
| 2020 surplus: | HK$3,245,356 |
| 2021 surplus: | HK$783,164 |
| 2022 deficit: | -HK$970,190 |
| 2023 deficit: | -HK$1,571,860 |
| 2024 deficit | -HK$1,744,041 |
| 2025 deficit | -HK$-1,913,125 |
Current Revenue Streams
Direct Contributions: include one-off, monthly and yearly contributions by cheque/transfer, cash, PayPal & Stripe credit/debit card (inc. Apple Pay & Google Pay), PayMe, Octopus, CoinDragon, as well as merch sales profit & shopping referral links.
Ads & content sales: include ad income from display ads; Apple News & Facebook ads, Google/YouTube ads, directly purchased rate card ads & content sales [from media outlets, institutions and syndication partners LexisNexis, Opera News, ProRata.ai, CCC, Moody’s, NewsBank, ProQuest, Dow Jones Factiva & Nordot etc…]

⚠️ Record structural deficit: Provisional figures suggest that income fell by 16% in 2025, and expenses fell by 8%, resulting in a record deficit of HK$1.9 million. HKFP has around HK$2.4 million and 2.15 BTC on hand as of January 2026. Although we are able to reinvest our earlier surplus, we will need to work on a return to sustainability in 2026 or face dipping into emergency funds in 2027.
HKFP Spending 2016-2025
How is donor money spent? Our finalised, audited spending up to 2024, and our predicted income for 2025 – in HK$.
| Expenditure | 2025* | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Full-time staff payroll | 3,885,519 | 4,189,850 | 4,090,094 | 3,624,759 | 1,952,853 | 1.599m | 1.606m | 1.49m | 1.340m | 1.035m |
| Mandatory Provident Fund (pensions) | 137,900 | 144,486 | 131,675 | 137,960 | 76,662 | 72,221 | 68,123 | 69,234 | 66,180 | 50,942 |
| Web & software, newswire, commission | 159,638 | 145,385 | 250,115 | 227,068 | 138,532 | 132,269 | – | 129,543 | 58,693 | 33,083 |
| Office, sundry, recruitment/training, telecom | 289,282 | 413,951 | 385,327 | 447,234 | 273,244 | 109,289 | 164,256 | 110,414 | 57,565 | 25,801 |
| Meals/drinks for volunteers/staff/sources | 14,774 | 20,813 | 45,101 | 20,506 | 25,178 | 18,324 | 29,686 | 14,028 | 17,106 | 25,531 |
| Legal, professional, registration, audit | 53,700 | 87,264 | 46,619 | 114,143 | 37,365 | 96,505 | 12,340 | 7,385 | 45,231 | 10,845 |
| Travel & insurance | 215,167 | 238,678 | 224,122 | 174,445 | 67,513 | 72,391 | 50,615 | 78,067 | 8,169 | 8,267 |
| Stationery, merch, postage, printing | 41,041 | 39,073 | 66,497 | 44,240 | 207,392 | 208,544 | 42,311 | 11,827 | 686 | 17,124 |
| Bank charges, penalties & exchange losses | 36,947 | 7,473 | 1,937 | 2,155 | 4,232 | 13,752 | 4,240 | 1,705 | 1,170 | 2,218 |
| Freelancer payments & gear | 112,759 | 158,688 | 140,879 | 246,454 | 936,072 | 595,693 | 289,387 | 64,400 | 34,090 | – |
| Tax | 24,692 | -69,518 (refund) | -69,518 (refund) | -69,518 (refund) | 59,518 | 408,496 | 509,211 | 29,816 | 13,343 | – |
| Advertising | 2,415 | 7,179 | 38,128 | 37,527 | 78,745 | 6,914 | 36,597 | 34,371 | 10,261 | – |
| Membership, research/polls, repairs & other | 3,658 | 5,000 | 62,802 | 2,778 | 5,060 | 118,800 | – | – | – | – |
| Bad debts written off | – | 75,194 | – | – | – | – | – | – | – | |
| Total: | 4,977,492* | 5,388,322 | 5,488,972 | 5.04m | 3.74m | 3.04m | 2.89m* | 2.04m | 1.65m | 1.20m |
Help safeguard press freedom & keep HKFP free for all readers by supporting our team
HKFP Cost-Cutting
✂️ Since 2023, HKFP has been carefully cutting costs to tackle the deficit, all whilst safeguarding jobs, salaries and our output. 78% of our expenses are simply journalist salaries.
- Staff pay was frozen in 2025. The chief editor/founder’s pay was frozen in 2022.
- HKFP will not recruit to replace a staff member who left HKFP in January 2026.
- A move to a smaller office in mid-2025 saved 33% on rent.
- Advertising has been slashed by 93% since 2023.
- Membership fees for journalistic bodies were renegotiated in 2025, saving 26%.
- The cost of meals and drinks for volunteers, sources and staff has been cut by 67% since 2023.
- Travel expenses are down 89% since 2023 – there were no foreign reporting trips or conferences in 2025.
- Freelance payments are down 28% since 2024, with most externally-provided content halted in mid-2025.
- Telecom costs are down 29% since 2024, as HKFP switched to more limited phone plans.
- HKFP axed its Adobe subscription in 2024, saving HK$2,196 a year.
- Mailchimp newsletter software was also downgraded in 2024, saving HK$4,812 a year.
- Since 2024, staff cover their own union fees, saving HK$2,000 a year.
- In 2024, the size of HKFP’s emergency and legal defence funds were cut to HK$1 million each.
- In 2024, HK$506,630-worth of Bitcoin investment was cashed in, followed by HK$162,441-worth in 2025 – funds were used to pay rent and salaries.
Investing in People
💼 Investing in people: HKFP competes with international media when it comes to staff pay and conditions. We are proud to set – or exceed – industry standards in order to foster talent and retain staff in an increasingly tough environment. 78% of HKFP’s spending goes towards staff remuneration and pensions. When you support HKFP, you can be assured that your contribution is going directly towards local journalists – not to shareholders or a profit-making conglomerate.

💵 Living Wage Employer: In 2024, HKFP gained the Oxfam Living Wage Employer certification.
✔️ Staff benefits include: ✓ Clear payscale. ✓ Up to 23 days annual leave. ✓ Healthcare, dental and physio coverage. ✓ Mental health support options. ✓ Secure laptop and phone. ✓ Monthly travel allowance. ✓ Remote working benefits.
Help safeguard press freedom & keep HKFP free for all readers by supporting our team
HKFP Members in 2025
HKFP members in 2025: Small amounts of income from a large pool of members help support our team, sustain our operations, and guarantee our newsroom’s independence and longevity. Our recurring donor income as of January 2026:
- 292 – Number of new members since June 2025 membership launch.
- HK$215,417 – Recurring member income before fees.
- HK$200 – Average monthly donation.
- 1,078 – Number of members as of January 2026.
- 0.3% – Proportion of regular readers who are members.
| Donor payment platform | No. of members | Monthly total before fees |
|---|---|---|
| PayPal/Stripe (cards) | 918 | HK$186,192 |
| Patreon | 135 | HK$15,600 |
| FPS/transfer | 20 | HK$12,956 |
| Google Reader Revenue | 5 | HK$709 |
Transparency Report Q&A
1. Has HKFP considered other income streams?
Yes: some have been successful, others failed or became unviable, whilst some options have become too risky in today’s Hong Kong. HKFP is not immune to the financial issues and threat of AI facing the industry globally, albeit with added pressures relating to Hong Kong’s political environment.
- Membership: Whilst keeping our news output free of charge, we launched membership incentives in 2025, with ad-free browsing, premium newsletters and columns, merch discounts and free gifts for regular donors. Members provide a regular, sustainable and predictable income for HKFP, and receiving smaller sums from a large pool of readers is the best situation for our independence and press freedom. 97% of our income comes from readers, with 1,078 donating monthly or yearly.
- Grants: Since winning grants from the Google News Initiative, alongside the SCMP and others, we have not accepted any further funds from grant-making bodies. Applications are labour intensive and funds tend to be restricted to specific territories or projects such as fact-checking or AI innovation. They are rarely aimed at key expenses – running costs and salaries – and can create unhealthy dependencies.
- Government-funding: We have ever accepted funding from governments, and never will, as a matter of press freedom.
- Book shop: HKFP previously sold political books. Considering the pressure on local independent book stores, this income stream is no longer viable.
- Merch: We expanded our merchandise offerings in the HKFP store with “pay as you wish” costing – the income from which is counted as straightforward donations. Merch profits, however, make up only a small portion of our yearly income. Managing sourcing, e-commerce, packaging, postage and returns is complicated and labour-intensive for the team, whilst new postal restrictions to the US have hurt sales.
- Paywalls: Many news media have resorted to paywalls in recent years, but HKFP has pledged to keep its news reporting free for all. Mirroring the Guardian’s model, we believe our journalism should be accessible to all. Those who can afford to contribute help keep HKFP free for those who can’t. Some premium content, however, is available only to members.
- Content sales: HKFP licences its content to those who enquire, and syndicates it through several academic databases and platforms like MSN. We also licence some AI-related companies to use our content. Royalties add up to a few thousand dollars per month, and we often enrol with new partners – however, commissions are modest and opportunities limited.
2. Has HKFP tried advertising?
Yes. However, HKFP’s income from advertising has fallen by 89% since 2023 – this reflects a wider trend among news media owing to seismic shifts in digital marketing.
- As much as news outlets vow to separate editorial and promotional content, advertisers often have unspoken – or sometime explicit – expectations of mainstream coverage, or reporting on their sector. HKFP has been strict in maintaining the firewall between news and ads, and we will not neglect political coverage at the expense of covering the F&B, lifestyle or events industry. Hong Kong is well-served by such outlets. As much as we have appreciated partnering with advertisers – many of whom strongly support our mission – direct donations are still the best option for protecting our independence and press freedom.
- In 2024, HKFP consulted with digital marketers to relaunch a comprehensive commercial rate card with dozens of promotional opportunities. Our offerings include advertorials, banner ads, interview packages, classifieds and sponsorship. Past clients include Cathay Pacific, Deliveroo and several local universities. However, we believe there is a political chill among local advertisers who previously partnered with independent media, with the entire marketing sector moving towards more targeted, self-managed forms of advertising.
- Meanwhile, the market for banner ads all but collapsed in recent years, with the rise of ad-blockers. HKFP also began to offer ad-free browsing to members in 2025, leading to a dip in income.
- Vast editorial resources are needed promote the rate card, as well as manage clients, billing and advertorial content written by freelancers. We have concluded it is no longer a viable income stream, nor is it fair or productive place to invest donor funds.
3. Can HKFP publish more donor data?
HKFP is Hong Kong’s, if not Asia’s, most financially transparent news outlet – we publish as much data as we legally can whilst respecting the Personal Data (Privacy) Ordinance.
- However, HKFP conducts periodic Reader Surveys – the results of which are published online and include demographic and location details.
- Hong Kong’s Office of the Privacy Commissioner for Personal Data recommends that only data relevant to donations and record-keeping should be collected from our readers and – as a matter of ethics – we seek to minimise the data we collect and retain. For instance, our current support system does not collect donor addresses/location, and our website only collects anonymised visitor data via Google Analytics – we are not “spying” on users with unnecessary software and website plugins.
- Privacy legislation does not allow us to disclose donor names, nor do we know of any newspaper which lists the names of subscribers, unless they have consented to be openly thanked.
4. Can HKFP become a tax-exempt charity?
No, unlike in other territories, the authorities do not allow media outlets to register for Section 88 tax exemption.
- We have no shareholders – all funds are recycling back into the newsroom, if we make money.
- A few years ago, HKFP was recognised by NGO Source as having a structure and governance equivalent to a US charity, however, we cannot become a charity in Hong Kong.
Press Freedom in 2025
January 2025
February 2025
March 2025
April 2025
May 2025
- Hong Kong’s independent news sector, including companies, staff and family members, was facing simultaneous tax audits and backdated demands, the Hong Kong Journalists Association said, adding that the situation reflected a worsening press freedom environment.
- Hong Kong journalists told HKFP that police had stopped them from taking photos and videos of two sites linked to Beijing’s national security office, which are among six designated “prohibited places.”
- A documentary on Hong Kong journalist Ronson Chan was withdrawn from screenings in Taiwan, Canada, the US, and the UK, citing “pressure on the interviewee.”
- Hong Kong tumbled five places, to 140th, in the annual Reporters Without Borders Press Freedom Index, entering the “red zone” – meaning a “very serious” situation – for the first time, alongside China.
- Following the publication of the annual index, state-backed newspaper Ta Kung Pao blasted Reporters Without Borders, calling the NGO “a political thug” and its press freedom rankings “a political smear tool.”Radio Free Asia said it would lay off almost all of its staff and close production in several languages, including a rare Uyghur service, after President Donald Trump cut off funding.
June 2025
July 2025
August 2025
September 2025
October 2025
November 2025
December 2025
Support HKFP’s Newsroom in 2026

Become a member with a yearly donation.
Make a smaller one-off donation of any sum.
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1. Exclusive HKFP deer keyring or tote.
Our mascot derives from the Chinese expression “to point at a deer and call it a horse” – which warns of being deceptive for ill gain. HKFP will always call a deer a deer, and now you can own an exclusive deer plush keyring – designed from scratch by HKFP. Alternatively, opt for heavy duty HKFP tote bag. Look out for an order form in your welcome email. (Apologies, no US shipping).
2. Exclusive columns by Tim Hamlett.
HKFP’s Tim Hamlett is penning extra columns exclusively for HKFP members. Sign up to receive sharp analysis on local affairs via email.
3. Previews of HKFP original reporting.
Receive regular previews of our exclusive features, interviews and explainers via email, a day before they’re published on our website.
4. 15% off HKFP merch.
Look out for the discount code in members’ emails for 15% off all merch.
5. Editor’s Blogs.
How do we gather the news? What does a day look like at HKFP? Does HKFP self-censor? How to survive a chief executive press conference? Our editor-in-chief shares regular newsroom insights with members.
6. A chance to join monthly newsroom tours/Q&As.
Join us for an after-hours peek of our mini-newsroom in Kennedy Town, then take part in a Q&A with HKFP’s founder – ask us (almost!) anything. Regular events are first-come-first-served, offered to a dozen members at a time.
7. Early access to our Annual & Transparency Report.
94% of our income comes from donors, so HKFP Members are first in line to see our Annual Report and Transparency Report every January. They include an overview of our achievements each year, and full details of our income and spending.
8. Ads disabled.
All third-party Google banner ads and HKFP pop-ups are disabled for members.
PLUS: For donor support, all HKFP Members have a direct line to our director.
Donate by cheque
Cheques of amounts up to HK$50,000 may be made payable to Hong Kong Free Press Limited and posted – along with your full name and address to: HKFP, The Hive Kennedy Town, 6/F, Cheung Hing Industrial Building, 12P Smithfield Road, Kennedy Town, Hong Kong. [Contributions are confidential – a papertrail is required for our internal accountancy records.]
Donate via HSBC PayMe or Octopus
Scan our QR code to make an HSBC PayMe or Octopus digital payment. Please include your full name and email address so we may accept your contribution.
Donate via Patreon
Support us with a one-off or regular contribution by signing up at patreon.com/HongKongFreePressHKFP.
Donate by transfer/FPS
Faster Payment Service: [email protected] or Tel: 9447-3443.
Our HSBC account details:
- Account name: Hong Kong Free Press Limited. Account number: 817-887532-838
- Bank name: HSBC Hong Kong. Bank address: 1 Queen’s Road Central, Hong Kong.
- Bank code: 004. Branch number: 817. SWIFT address: HSBCHKHHHKH
Please note: For all FPS, one-off or regular bank transfers, please email a screenshot or phone photo of the receipt/form to [email protected] after you have made arrangements so we may show a paper-trail for our internal accountancy records. We cannot, otherwise, accept your contribution. Supporters may also set up a regular standing order/direct debit with a form from your bank: HSBC, Standard Chartered, or Hang Seng.
Donate spare coins
Hoarding a jar of coins? Donate spare change at Coin Dragon machines around the city.
Donate gear or sponsor our operations
We welcome contributions of new computer or audio-visual or mobile equipment – please get in touch if you can support us.
Buy HKFP merchandise
Show your support for press freedom with HKFP merchandise – all profits go to our newsroom.
Advertise with us
Support us and promote your business or cause at the same time. Request our rate card and consider our affordable range of digital marketing solutions.
Sponsor our operations
We welcome sponsorship of our ongoing operational costs (such as web hosting, office rent or news wire services) – please get in touch if you can support us.
| Package | Newsroom cost | Annual cost |
|---|---|---|
| A | Sponsor all web hosting, tech support, domain. | HK$140,727 |
| B | Boost HKFP’s video output by enabling access to AFP news wire video clips. | HK$20,000 |
| C | Sponsor all AFP news wire service, including text and photos. | HK$40,000 |
| D | Cover the cost of HKFP’s newsroom/office at The Hive co-working space. | HK$360,000 |
| E | Take on the cost of our Quickbooks accounting software. | HK$2,322 |
| F | Sponsor our Mailchimp newsletter software. | HK$10,710 |
| G | Sponsor health insurance for all staff. | HK$200,000 |
| H | Cover our Google work apps costs. | HK$20,307 |
| I | Sponsor a desk reporter for a year (inc. salary, MPF, insurance). | HK$300,000 |
Maximum contribution: HK$50,000. For larger contributions of up to HK$100,000, please contact us so we may discuss enhanced Know Your Client checks.
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