As our new Transparency Report shows, HKFP entered a fourth year of deficit with a record HK$1.9 million loss last year. 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. On average, we spent HK$159,428 more per month than we had coming in during 2025, but were able to reinvest our surplus.

A smaller deficit is predicted for 2026, in that we do not intend to a replace a staff member who left in January. We also hope to keep up the momentum with our membership programme. Last year, we added almost 300 new recurring donors. However, we still expect a funding gap in 2026, just as the pressure on independent media is increasing.

How do we navigate the funding puzzle? What cutbacks have we made? And what other income streams are viable? HKFP answers questions about keeping the lights on as the city falters in the press freedom indices…

How are you still operating given the deficit?

We face a structural deficit whereby spending has been exceeding income.

In 2019, our traffic and donations quintupled when the city-wide protests and unrest were dominating global headlines for months. It left us with a nest egg, but we knew the support and interest would fade when the international spotlight moved on.

So we deliberately spent the funds slowly in order to ensure our longevity, carefully investing in a relaunch and expansion. Now, things are catching up and we need to increase income and rein in expenses.

How has HKFP been reducing spending?

Since 2023, HKFP has been carefully cutting costs to tackle the deficit, all whilst safeguarding jobs, salaries and our output. The aim has been to ensure staff feel secure, whilst ensuring our reporting does not suffer. Given that 78% of our expenses are simply journalist salaries, it has been tough to scale back. We list below some of the cost-cutting measures we’ve implemented.

• 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 entirely.
• 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.

Has HKFP considered other income streams?

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. Nevertheless, we have considered a host of different funding models over the years. Some have been successful, others failed or became unviable, whilst some options have become outdated or too risky in today’s Hong Kong.

• Events: In-person events are no longer possible given the official scrutiny faced by venues and civil society organisers.
• 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 never 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 also 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. Unfortunately, merch is not a magic bullet.
• 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 everyone. Those who can afford to contribute help keep HKFP free for those who can’t. Some premium content, however, is available only to members, and we may continue to enhance the offerings whilst keeping the hard news free of charge.
• Content sales: HKFP licenses its content to those who enquire, and syndicates it through several academic databases and platforms like MSN. We also license 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.
• 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.

Has HKFP tried advertising?

HKFP’s income from advertising has fallen by 89% since 2023 – this reflects a wider trend among news media given the seismic shifts in digital marketing.

• 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 from these type of ads.
• 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. The time is better focused on membership and looking after our own readers.
• 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 cannot neglect political coverage at the expense of covering the F&B, lifestyle or events industry.
• 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.

Can you 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.

• 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.
• However, HKFP conducts periodic Reader Surveys – the results of which are published online and include demographic and location details.

Can you 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.
• Instead, we are the nearest thing: a non-profit limited by guarantee company.

How to support HKFP in 2026

More ways to support us

Please get in touch if you wish to support us indirectly – here is an idea of items you could support.

25 reasons to support HKFP

This means our reporting cannot be influenced by others, and that all decisions are made among the team in-house. Our independence is essential for maintaining the trust of our readers, and for holding those with power to account without interference.

For-profit news outlets can suffer from bias, sensationalism and poor trust, as they prioritise stories which generate clicks and revenue, rather than providing a public service for readers. When an outlet becomes reliant on maximising profit, advertising and business interests can conflict with editorial and ethical considerations.

Instead, over 1,000 monthly donors donate an average of HK$200 to help sustain our newsroom – the best situation for our press freedom. Just 0.3 per cent of regular readers are HKFP Members – consider joining us!

They govern how we deal with certain topics, like elections; a host of issues like race, disability or hate speech; as well as how we use certain tools, like AI, or undercover reporting. They guide how we deal with accuracy, anonymity, complaints, sourcing and paid-for content, and include a staff code of conduct. The comprehensive code is backed by the Trust Project and Journalism Trust Initiative.

We do not employ marketing staff, donation managers, or social media editors – every employee is primarily a journalist. In light of a years-long deficit, in 2024-25, HKFP slashed costs by switching insurers and merch store suppliers, downgrading software packages, adjusting staff transport allowances, finding sponsors for key costs, moving to a smaller office and halting most advertising. We make every cent matter, and we disclose our spending annually.

In 2021, our newsroom was nominated for a Nobel Peace Prize. In 2024, we were nominated for an International Press Institute Free Media Pioneer award, as well as a Reporters Without Borders Press Freedom Prize.

HKFP has not been immune. We have seen cyberattacks, threats, visa trouble, intimidation, harassment, physical attacks, surveillance, censorship in China, false complaints, media bans, a columnist fleeing, government inspections, and more than our fair share of pepper spray and tear gas.

Help protect what remains by supporting non-establishment media at this critical time.

Owing to the lack of independence and ownership issues among fellow news outlets, and given the press freedom situation and dwindling number of newsrooms, HKFP is one of the few trusted sources of news left in the city.

We exist to offer a voice to the voiceless and to hold the powerful to account. In 2022, our original reporting on the city’s underrepresented communities won us backing from Google’s News Equity Fund.

The Trust Project seeks to improve media literacy and battle “fake news,” misinformation and online propaganda. We now join around 300 newsrooms across the world displaying the Trust Mark symbol, including the BBC, The Washington Post, Sky News, CTV and The Economist.

The standard involved examining HKFP against 130 criteria, and was developed by a panel of 130 experts, including journalists, institutions, regulatory bodies, publishers, and new technology players.

Our 100 per cent rating reflects that we avoid false content, publish information responsibility, correct errors, label opinion and ads, avoid deceptive headlines, disclose ownership, financing and conflicts, and provide biographical information on writers.

HKFP is among the most politically balanced news outlets in the world, according to the watchdog’s rating. With a score of 0.24 – meaning “middle” in terms of bias – HKFP is comparable to outlets such as Sky News.

We also maintain a log of every correction made to ensure we are as transparent as possible.

Our newsroom offers a wage in line with international news outlets, including a health care plan, mental health support and other benefits. In 2020, we enacted a Freelance Charter to set out fair terms and conditions for external contributors.

As part of our Diversity Statement, we have no tolerance for discrimination, prejudice or bullying and encourage job applications from candidates from minority backgrounds.

For now, it is better to have boots on the ground than attempt to report on the city from afar. Whilst the press freedom situation may be more predictable abroad, we can ensure better accuracy and nuance by staying put and navigating the situation.

Over the years, we have also launched Ombudsman complaints to protect journalists’ access to press events, and co-signed several local and international statements to promote press freedom.

You can also donate cash at CoinDragon kiosks, back us with a Patreon membership, advertise with HKFP, provide donations-in-kind or just help us spread the word.