The District Court has sentenced Editor-in-Chief Chung Pui-kuen and acting Editor-in-Chief Lam Siu-tong to imprisonment for conspiracy to publish seditious materials through Stand News, concluding a nearly two-year trial.
As the U.S. and Western nations criticize Hong Kong for allegedly suppressing press freedom, it is essential to take a critical view to see whether Stand News is simply a media organization.
First, the promotion of nativism is paramount. The nativist movement aims not only to incite hostility toward the Central Authorities and the Hong Kong SAR Government but ultimately to pursue Hong Kong's independence. District Court Judge Kwok Wai-kan, referencing evidence including Stand News' inaugural edition, three editorials, and its physical publication "Lizhi," concluded that Stand's political philosophy is nativist, serving as a tool to disparage the Central and SAR Governments during the anti-amendment to the extradition law protests.
Second, there are significant ties to Jimmy Lai, owner of Apple Daily. Stand News was founded by Tsoi Tung-ho, one of the ten key figures of the Occupy Central movement, who received considerable support from Lai. While Apple Daily operates its own online media and competes with Stand News and its predecessor, The Home News, Lai has shown support for various local media, even financially assisting his rivals. Notably, Lai contracted out to Home News a section called "Financial Center" in Apple Daily's financial edition, paying hundreds of thousands of dollars monthly to aid Choi during a financial crisis. This kind of direct funding in support of a rival is difficult to explain and reflects a complicated relationship of the two media organizations.
Third, there is an alarming influx of undisclosed funding. Following police action against Stand News in 2021, the Secretary for Security froze its assets under the Hong Kong National Security Law, revealing that Stand had over $61 million in funds. Due to the organization’s lack of financial transparency, this amount might have gone unnoticed without police disclosure. An organization claiming to be non-profit yet possessing substantial assets raises questions about the true source of its funding. It remains unclear whether the $61 million was accrued through public support during protests or other undisclosed means.
Additionally, Stand News has intriguing overseas connections. Reports indicate that Evan Fowler, an overseas director of Stand News, co-founded the Hong Kong Free Press (HKFP), known for its anti-China stance, and is an associate fellow of the Henry Jackson Society, a British think tank with close ties to the U.S. and U.K. governments. Recent media coverage suggests that the U.S. and U.K. are leveraging think tanks like the Henry Jackson Society to shape public opinion against China.
Fourth, the Stand News case has not jeopardized legitimate media. The evidence presented in the Stand News case illustrates that it does not function as a typical media organization. The judgment noted that eleven articles published by Stand News incited hatred without objective basis, undermined the Justice Department's prosecution efforts, and spread falsehoods to encourage anti-government sentiment among protesters.
Judge Kwok emphasized that journalists must adhere to Article 19(3) of the International Covenant on Civil and Political Rights, which stipulates that media freedom is not absolute and does not shield one from legal responsibility. The judgment highlighted that journalists bear "special responsibilities and duties," including safeguarding national security, public order, and public health. Citing the European Convention on Human Rights, it reiterated that journalists must operate in good faith, based on accurate facts, to warrant protection under freedom of expression. The European Parliament's Code of Conduct for Journalists also stresses the importance of factual verification and impartiality.
In summary, legitimate media organizations conducting normal interviews and commentary—even critical of the government—would not face sedition charges. It is reasonable to conclude that typical news organizations do not embrace nativism as a core principle, possess vast financial resources, or publish a multitude of incendiary articles in a politically charged atmosphere, as noted by Judge Kwok.
In conclusion, Stand News was not operating as a normal media outlet.
Wing-hung Lo
Bastille Commentary
** The blog article is the sole responsibility of the author and does not represent the position of our company. **
At the arrival of 2026, the happiest thing is to see the "Hong Kong is dead" narrative—proclaimed so loudly by Western voices—die yet again.
Foreign Money Returns Home
The West has written Hong Kong's obituary more times than you can count. They believed the city's return to China should have been its death sentence. American magazine Fortune declared "The Death of Hong Kong" on its 1995 cover—two years before the handover even happened. Hong Kong survived the Asian financial turmoil in the early post-handover years. It survived SARS. Then came 2019's Black Riots, followed by US sanctions on Hong Kong officials in 2020 and the pandemic's hammer blow. Foreign capital fled in an American-orchestrated exodus, with much of it landing in Singapore.
Last February, Stephen Roach—Yale University senior fellow—wrote in the UK's Financial Times with a headline that said it all: "It pains me to say Hong Kong is over." Foreign investors don't just track economic growth when they assess Hong Kong. They watch the stock market. And over the past year, Hong Kong's miraculous stock market comeback has bankrupted the "Hong Kong is dead" theory.
Hong Kong's economy grew an estimated 3.2% in 2025—ranking it among the developed world's top performers. But the stock market performance was getting really interesting. Average daily turnover in the first 11 months hit HK$230.7 billion—a massive 43% jump compared to 2024's same period.
Record-Breaking Fundraising Wins
The Hong Kong Stock Exchange crushed it in 2025. A total of 119 new listings raised HK$285.8 billion—a staggering 220% year-on-year increase and the highest since 2021. According to KPMG's report, HKEX ranked first globally in fundraising. The New York Stock Exchange and Nasdaq tied for second place. Looking ahead, HKEX's fundraising is estimated to reach HK$300-350 billion in 2026, keeping it among the world's top exchanges.
Sure, Mainland capital is investing in Hong Kong. But foreign capital's return has been the real game-changer behind the stock market's strong performance. According to fund industry insiders, what we're seeing now is only wave one—primarily hedge funds and other medium-to-short-term players. As Hong Kong's trading volumes swell and quality Mainland companies list here, the long-term foreign funds will gradually return. The outlook for Hong Kong stocks continues to look favorable.
America's narrative said Hong Kong's National Security Law would scare capital away. Reality proved exactly the opposite. Hong Kong's stable environment gave Chinese companies the confidence to list here. America's targeting of Chinese concept stocks listed on its exchanges was self-destruction—forcing quality Chinese companies to turn to Hong Kong for listing instead. This made Hong Kong's stock market bigger and stronger, compelling even bearish foreign capital to come back.
Beijing's Seal of Approval
President Xi's remarks when meeting Chief Executive John Lee during his duty visit to Beijing in mid-December reveal what work the central government values in Hong Kong. President Xi opened with praise for the Chief Executive's courage and initiative in leading the SAR government. He highlighted four key achievements: steadfast maintenance of national security, successful Legislative Council elections, proactive integration into national development, and achieving steady economic growth.
President Xi's assessment underscores Beijing's high recognition of Hong Kong's ability to do both—safeguard national security and develop the economy simultaneously. Some Hong Kong people believed that having transitioned "from chaos to governance and then to prosperity," the city should set aside national security to focus on economic development. Reality proved this view wrong. Hong Kong must strike a balance between these seemingly contradictory goals and advance on both fronts at once.
Look at Hong Kong's development over the past five years. The city emerged from Black Riots and the pandemic in 2021, achieving a strong rebound from the bottom in 2023. The return to normalcy brought revenge spending that temporarily elevated market sentiment.
But entering 2024, local consumption patterns underwent structural changes. Hong Kong people shopping across the border diverted local retail spending. The strong Hong Kong dollar—tracking the US dollar—and high interest rates suppressed economic activity, leading to structural adjustment.
By the second half of 2025, Hong Kong entered a phase of moderate recovery. The property market began stabilizing after its decline. With the US starting rate cuts in September, capital supply loosened. Hong Kong can continue along this recovery path in 2026—that's the estimate anyway.
Despite the optimism, Hong Kong people must keep working hard. The many vacant shops you see on the streets tell the story—retail economy pressure remains real. In 2024, Hong Kong's total retail sales value of HK$376.8 billion represented a 7.3% year-on-year decline. That's painful for the retail sector.
Retail's Reversal Ahead
Through October 2025, retail sales values remained comparable to the previous year. But consumption began recovering in the second half—retail sales value rose 3.8% in August, 6% in September, and 6.9% in October. 2025 showed an early decline followed by growth, with accelerating consumption momentum. Retail consumption is expected to reverse its decline in 2026.
During this retail transformation, we Hong Kong people must continue their efforts. Old businesses will still be eliminated—that's inevitable. Strategic adjustments are required. New opportunities must be pursued.
Bottom line: Hong Kong's economic performance in 2025 proves once again that the "Hong Kong is dead" theory dies—one more time. Hong Kong has weathered different shocks repeatedly in the past, emerging reborn each time like a phoenix from the ashes.
Lo Wing Hung
