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Sing Pao halts printed edition due to financial turmoil

Local newspapers have probably experienced the most difficult times. It has only been a few days since Hong Kong Daily News ceased, the city’s oldest Chinese-language newspaper, Sing Pao suspended printed edition today after it failed to pay printing fees.

Sing Pao Media board chairman Gu Zheoheng told the South China Morning Post the company’s bank account have been frozen by provisional liquidators and the company is unable to pay its printing fees. The newspaper will now halt publication as the printing company refused to offer services.

Sing Pao however, today published its newspaper in an online format.

Gu Zheoheng said he regrets the newspaper will not be publishing today. He said it may be the result of a communication problem as its accounts should not have been frozen.

On Monday, KPMG’s Edward Middleton and Tiffany Wong were appointed by the High Court of Hong Kong as joint and several provisional liquidators of Sing Pao Media Enterprises Ltd.

The liquidation application was filed against the media corporation after land owners accused the company of not paying rent. Sing Pao currently rents its office at United Overseas Plaza in Kwun Tong.

Sing Pao issued a statement on the front page yesterday stating “the appointment of provisional liquidators is only targeted at the Sing Pao Media Enterprises Limited, and is unrelated to the Sing Pao newspaper or other publications by the company. The publication of Sing Pao will not be affected.”

Sing Pao is a Chinese newspaper that began publication in Hong Kong in 1939. The newspaper was the highest circulating newspaper in Hong Kong during the 1960s.

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