House News closed last month, but other independent sites still exist
Local portal House News closed in July, citing political persecution. But others have taken up the challenge of independent news gathering.
The abrupt closure of House News on July 26 sent a chill through the media community, highlighting the difficulties of operating an independent news portal, especially in Hong Kong's highly politicised environment.
Yet within a week, another news site, Hong Kong Citizens' Media, sprang up to deliver financial news and analysis, modelling itself on US sites such as Business Insider.
The demise of House News spurred Simon Lee Chao-fu to bring forward the launch of Citizens' Media, says the founder, who also started free-market think tank Lion Rock Institute.
"I want to run the site like a magazine," Lee says. Online news tends to be fragmented, he adds, and having helped Apple Daily create its news platform, Lee reckons he knows how to build a viable one for himself.
"There are a lot of rumours and financial disinformation on social media ... posts which boast of sure-fire tips for horse racing and soccer, and other Ponzi schemes. I want to debunk them on my site."
For the moment, the start-up has four staff members, including Lee, and is hiring people to create infographics. Lee says he has also signed up 40 volunteer contributors, half of them financial experts.
Poor revenue and political persecution - the two factors House News boss Tony Tsoi Tung-ho cited for halting operations - can hurt any news enterprise. While digital is the way of the future, few news sites have been able to generate significant advertising income, traditionally the main revenue stream.