Hong Kong Free Press has successfully raised HK$141,120 from its supporters since last Friday. This comes after the tax office concluded a 20-month investigation into HKFP, which had alleged a HK$3,020 tax shortfall that led to a HK$57,692 settlement, including penalties.
The community responded swiftly, with 50 new members pledging to donate regularly within 24 hours. This effort generated over a quarter of a million dollars in additional annual income. The funds will help address HKFP’s current deficit, which stands at approximately HK$1.4 million this year.
For more details on how the funds are being utilized, click here.
The team at HKFP is deeply grateful and humbled by the overwhelming support, kind words, and renewed commitments from readers. Some of these supporters are new, while others have been with the organization since its inception a decade ago. This surge in support coincides with the publication of HKFP’s 30,000th article this week, as well as preparations to cover the upcoming “patriots only” legislative election.
Fresh Support Since Friday’s Appeal
- 98 one-time donationstotaling HK$120,137 since last Friday’s appeal.
- 42 new monthly or yearly memberssigned up, contributing a total of HK$19,123, along with 8 new Patreon backers committing HK$1,860 per month in total.
- 6 members increased their regular donations.
- HKFP now has over1,000 members, each enjoying eight donor benefits. The average monthly donation is nowHK$203.89.
- Income from the49 new membersprovides an additionalHK$251,796 per year.
Protecting Jobs, Pay, and Output
Following the post-2019 expansion, HKFP experienced a decline in income due to waning interest in Hong Kong news, a population exodus, and a slowing economy. To mitigate these challenges, the organization reduced costs while striving to protect journalist salaries and headcount. Readers can learn more through the annualTransparency Report.
Over the past three years of financial deficits, HKFP has implemented several cost-cutting measures, including:
- Moving to a smaller office and encouraging remote work, savingHK$180,000/year.
- Reducing staff transport allowances, savingHK$43,200/year.
- Eliminating Adobe subscriptions, savingHK$4,560/year.
- Downgrading Mailchimp subscription, savingHK$4,812/year.
- Switching merch providers, savingHK$1,515/year.
- Asking staff to cover their own Journalist Association fees, savingHK$2,250/year.
- Partially cashing in emergency Bitcoin funds to pay rent for over a year.
- Securing sponsors for costs such as computer gear.
- Reducing HKFP’s emergency reserve.
- Freezing the founder’s salary in 2022.
- Halting most paid advertising.
- Moving domains registrar.
- Blocking AI scrapers.
Benefits for HK$150/month Members
- PLUS: For donor support, all HKFP Members have a direct line to our director.