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$159,428 more per month than we had coming in during 2025, but were able to reinvest our surplus.
We invite our readers and supporters to examine our income and spending over the past year, as we look to return to sustainability in 2026 and avert major cutbacks. Check out our full Annual Report here.
Income 2016-2025
How is HKFP funded? Our finalised, audited income up to 2024, and our predicted income for 2025 – in HK$.
| 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.
- 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 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.
- Instead, we are the nearest thing: a non-profit limited by guarantee company.
Support HKFP’s Newsroom in 2026
Members unlock 8 benefits: A free HKFP deer keyring or tote; exclusive Tim Hamlett columns; feature previews; 15% off merch; Editor’s blogs; a chance to join newsroom Q&As, early access to our Annual/Transparency Report & third-party banner ads disabled.
Become a member with a yearly donation.
Unlock all member benefits as a yearly donor.
Make a smaller one-off donation of any sum.
Make a donation to our newsroom of any sum.
Donate online via card or PayPal:
One-off or recurring contributions can be made by Visa, Mastercard, or Apple Pay/Google Pay or PayPal here.
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: business@hongkongfp.com 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 donations@hongkongfp.com 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, please contact us so we may discuss enhanced Know Your Client checks.