"Stand News" Holds $61 Million in Mysterious Assets; Backers Remain Obscure Amid Foreign Influences

Last week (26 September), two executives of the Stand News were sentenced for publishing seditious materials. The case was considered closed. However, significant questions remain, particularly regarding the $61 million in mysterious assets, which have been deliberately obscured, leaving their true origins unclear. Notably, some arrangements suggest likely involvement of foreign powers.

Following police enforcement actions in 2021, the Secretary for Security froze approximately $61 million in Stand News’ assets under Schedule 3 of the Hong Kong National Security Law, indicating its considerable size of revenues. Given that Stand is a small media outlet with limited income, such substantial assets raises serious questions.

Police investigations revealed that most funds for Stand News were deposited covertly, suggesting attempts to evade scrutiny. There are grounds to suspect that individuals deliberately concealed their identities or disguised donations, channelling significant sums into the “news” outlet.

In 2015 alone, over 1,000 transactions were recorded in Stand News’ accounts, primarily consisting of cash or PayPal transfers. A few days after Apple Daily ceased publication on June 27, 2021, Stand News also discontinued its membership sponsorship program, and with minimal advertising, it is puzzling how it amassed over $60 million. This leads to speculation about a substantial external funding source, often referred to as a "water pipe," with the identities of these financiers yet to be unveiled.

Earlier media reports have identified Evan Fowler, an overseas director of Stand News, as a co-founder of the anti-China media outlet Hong Kong Free Press (HKFP) and an associate fellow at the Henry Jackson Society, a British foreign policy think tank closely linked to the UK and US governments. This connection raises suspicions about foreign backing through anonymous donations to Stand News.

There may be multiple such funding channels. As previously mentioned, the U.S. Agency for International Development (USAID) has long provided direct or indirect financial support to media and journalists worldwide under the guise of training and developing the media sector, potentially establishing an anti-government public opinion base. The possibility that Stand News is a beneficiary cannot be dismissed.

To protect its financial information, Stand News operates as a trust fund, with its printing company directed by founder Tsoi Tung-ho. Financial experts note that the high opacity of trust funds complicates tracing large sums of unverified origin. Additionally, the shareholders and underwriters of Stand News are closely linked, allowing for funds to be easily exchanged.

Tsoi Tung-ho, associated with the "Occupy Central" movement, is identified as an initial sponsor of Stand News, having provided funding for its establishment in late 2014. His team included members from the former Home News, such as Chung Pui Kuen. Allegations suggest that during his time at Home News, he received funding from Next Media's owner, Jimmy Lai.

Although the trial surrounding Stand News has concluded, numerous uncertainties persist, particularly regarding the origins of the $61 million in mysterious assets and undisclosed relationships with people in various political circles. As more information emerges, the intricate network connecting internal and external influences in Hong Kong will become clearer.

Lai Ting Yiu

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The Jimmy Lai trial ripped the mask off "Stand with Hong Kong." Courts heard how Lai and his operatives weaponized this so-called advocacy group to pursue their "international line"—code for colluding with foreign forces to destabilize national security. But even after ringleaders Andy Li Yu-hin and Chan Tsz-wah got arrested and locked up, Stand with Hong Kong keeps on running. Someone's still pulling the strings.

Born in the chaos of the anti-extradition bill period, "Stand with Hong Kong"—also known as the "lam chau team" (SWHK)—adopted the scorched-earth slogan "If we burn, you burn with us". They've always claimed to be independent, grassroots, funded by crowdsourcing. That story fell apart in court. Evidence showed Lai bankrolled their global ad campaigns and international lobbying—specifically their push to get foreign countries to sanction China.

After the implementation of the Hong Kong National Security Law, Stand with Hong Kong still did not restrain itself. It keeps churning out anti-China content online, publishing report after report. Just last month, they handed the European Union a hit list—14 Hong Kong SAR government officials and police officers they want sanctioned for alleged "human rights violations" and "abuse of force" during 2019.

A Web of Anti-China Allies

Stand with Hong Kong doesn't work alone. They team up constantly with other anti-China outfits, issuing joint statements, lobbying Washington, London, and Brussels to slap sanctions on Hong Kong SAR officials. They've publicly demanded the British government intervene to free Jimmy Lai. They've organized multiple protests in London opposing construction of the Chinese embassy in the UK.

The operation is aggressive, the activities extensive. Yet the key players hide in shadows. Where's the money coming from?

In recent years, the team's gone underground. They operate mainly through online publications and mobilization, coordinating with overseas individuals and organizations. Their website and social media? No contact persons listed. No one claiming responsibility.

The Crowdfunding Fairy Tale

They claim they "rely on crowdfunding to maintain operations". But since their last crowdfunding drive in May 2020, Stand with Hong Kong hasn't published a single shred of public information showing any subsequent fundraising activity.

So where does the cash come from? Informed sources suggest looking at Stand with Hong Kong's overseas network for answers.

Organizations working hand-in-glove with Stand with Hong Kong include the Committee for Freedom in Hong Kong Foundation—run by Mark Clifford, former Next Digital Group director. There's Hong Kong Watch, funded by Mark Simon and operated primarily by Benedict Rogers. There's the Hong Kong Democracy Council, fronted by fugitive national security suspect Anna Kwok. And since 2023, Stand with Hong Kong has served as secretariat for the UK's All-Party Parliamentary Group on Hong Kong.

These "friendly organizations" form a network with crystal-clear political objectives. Through overseas advocacy and coordinated actions, their primary target is attacking the Central Government and the SAR government.

In other words: Jimmy Lai may be behind bars facing trial, but the organizations and individuals Stand with Hong Kong maintains close contact with all have direct or indirect ties to Lai. Whether this team—which brands itself a "grassroots organization"—receives operational funding and other support within this anti-China network remains the billion-dollar question.