Hong Kong Free Press Transparency Report 2024-5

As Hong Kong’s most transparent news outlet, Hong Kong Free Press is externally audited annually, sharing all of our accounts online. We have no shareholders, and we do not answer to any business tycoon, government, mainland conglomerate or media mogul. HKFP is run by journalists and is a non-profit – we are answerable only to ourselves and our readers, and our newsroom relies on small donations from almost 1,000 readers.

In 2024, costs rose following our expansion, whilst income fell amid waning interest in Hong Kong news, a population exodus, and a slowing economy. We invite our readers and supporters to examine our income and spending over the past year, as we look to return to sustainability in 2025.?

How is HKFP funded? Income 2016-2024

Our finalised, externally audited income up to 2023, and our predicted income for 2024 – in HK$.

• ?? Reader supported: 94% of HKFP’s income comes directly from our readers, ensuring our press freedom and independence.
• ?? 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.
• ?? Costs reduced: In 2024, HKFP slashed costs by switching insurers and merch store suppliers, downgrading software packages, adjusting staff transport allowances, finding sponsors for key costs, and halting most advertising. Given the tough environment for press freedom and the need to retain staff, HKFP vows to safeguard journalist salaries and headcount. Director pay was, however, frozen in 2022.
• ?? New income streams: HKFP launched a newly expanded commercial rate card in 2024, with over a dozen advertising offerings, as well as photo/video licencing, consultancy, workshop and sponsorship opportunities. We also signed content sales deals with the Copyright Clearance Center and ProRata.ai, and launched new HKFP merch lines to improve cashflow.
• ??2025 Patrons plan: To close the funding gap in 2025, HKFP will provide new benefits to monthly donors.

Current Revenue Streams

Contributions: include one-off & monthly Patron contributions by cheque/transfer, cash, PayPal & Stripe credit/debit card (inc. Apple Pay & Google Pay), PayMe, Octopus, CoinDragon, as well as merch sales profit and 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 deficit: HKFP faced a predicted, record deficit of HK$1.72m in 2024. Although we are able to reinvest our previous surplus, we will need to work on a return to sustainability by further reducing costs and improving income in 2025.

• ?? Bitcoin: To ease the financial situation in 2024, HKFP converted some of its Bitcoin investment into Hong Kong dollars in order to pay a month of staff salaries and five months of office rent. 0.69 BTC was withdrawn into HK$506,630 when as exchange rate peaked, leaving 2.16 BTC invested. (The crypto was donated by readers between 2021-2022, declared to Inland Revenue, and retained as an investment, hence it does not appear as “income” above.)
• ?? Future security: As of 2021, HKFP has retained a HK$1.5m legal defence fund in light of new challenges to press freedom, in addition to an emergency fund of HK$1m. As HKFP will be joining the Reporters Shield programme in 2025 – which will provide some monetary protection against frivolous lawsuits – the company’s legal fund will be reduced to 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.

HKFP Spending 2016-2024

Finalised expenditure for our latest audited year, 2024, & our predicted 2024 spending – in HK$.

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 and annual appraisals. ? Up to 23 days annual leave. ? 4 months of maternity leave, 3 months? of paternity 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 Patrons in 2024

HKFP Patrons in 2024: HKFP relies on a membership model. Small amounts of income from a large pool of Patrons help support our team, sustain our operations, and guarantee our newsroom’s independence and longevity. Our monthly income as of January 2025:

• 1,003 – Number of monthly Patrons.
• HK$201,733 – Monthly income from Patrons (before fees.)
• HK$201 – Average monthly Patron contribution.

• ?? HKFP will expand benefits for monthly supporters in 2025. Patrons will receive exclusive newsletters and columns, merch discounts, feature previews and opportunities to tour our office or attend Q&As.
• ?? HKFP’s monthly costs in 2024 were HK$447,040.

Support HKFP’s newsroom in 2025

Donate online via card or?PayPal: One-off or monthly contributions can be made with your Visa, Mastercard, or Apple Pay/Google Pay via Stripe or PayPal at support.hongkongfp.com.

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.

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.

Newsletter or HKFP Lens sponsorship

• Cover HKFP’s Mailchimp newsletter costs for an entire year and reach over 11,500 of HKFP’s most engaged readers. HKFP Dim Sum includes a news round-up on Saturdays, and an original reporting showcase on Mondays. Our open rate: 44%.
• Sponsor HKFP’s entire photography section for a year to promote your business, products, service or campaign. Align your brand with HKFP Lens – our full-width photographic platform showcasing shots from our in-house photojournalist, as well as work from the best shooters from Hong Kong and beyond.

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.