Media assets

Television: TV 31, TV 32, TV33, TV34, TV35

Radio: Radio 1, Radio 2, Radio 3, Radio 4, Radio 5, Putonghua Channel, CNR/HK, CMG/RGB

State Media Matrix Typology

State-Controlled (SC)

Ownership and governance

RTHK operates as a government department under the Commerce and Economic Development Bureau (CEDB), which oversees trade-related policy for the Hong Kong Government.

Its governance includes a Board of Advisors, comprising 14 members appointed by the Director of Broadcasting under the RTHK Charter, ratified in August 2010. This board serves in an advisory capacity, reviewing editorial principles, handling complaints, and advising on community engagement. The Director of Broadcasting sits on the board ex officio and is appointed by the Chief Executive (the head of the Hong Kong Government).

Angelina Kwan Yuen-yee, a veteran Hong Kong Administrative Officer with nearly three decades of government service, became Director of Broadcasting at RTHK in January 2025. Rising through the civil service since 1996, she has held senior roles across key bureaus, including security, welfare, housing, and the Chief Executive’s Office. Formerly Deputy Secretary for Labor and Welfare (Manpower), Kwan is recognized for her strong leadership and management skills.

Source of funding and budget

Fully funded by the government, RTHK’s financial trajectory over recent years is presented in the table below. Most recently, the 2025–26 fiscal year sees a projected budget of around HKD 1.55 billion, a sizable uplift, prompting legislative scrutiny and an imminent government review of RTHK’s operations, production, and staffing levels.

Editorial independence

For decades, RTHK enjoyed a hard-earned reputation for editorial autonomy, frequently lauded for its adherence to the principles enshrined in the RTHK Charter and reinforced by its detailed editorial policies. This tradition positioned the broadcaster as a trusted source of independent journalism in Hong Kong.

In recent years, however, this standing has come under sustained pressure, particularly since the introduction of the Beijing-imposed national security law. Over the past three years, government influence over editorial matters has become increasingly pronounced. The previous chair of the RTHK Advisory Board, replaced in August 2020m was reportedly a vocal proponent of steering coverage toward a more favourable portrayal of the national security law.

Concrete manifestations of this pressure emerged in mid-2020: in June, an RTHK program was terminated following complaints from the police force; two months later, the broadcaster removed an interview with a human rights activist wanted by the authorities.

Since then, the government has exercised its editorial control with striking consistency, resulting in a series of censorship incidents, often reinforced by self-censorship from within the newsroom. The appointment of Patrick Li, a career civil servant, as Director of Broadcasting in February 2021 marked a turning point. His leadership coincided with the resignation of numerous journalists, as noted by Hong Kong Watch in April 2022, and signalled a perceptible shift in the station’s editorial climate.

Many previously aired RTHK programmes have since been erased from all online platforms. Journalists are now required to follow new programming guidelines that, in practice, have curtailed the station’s editorial freedom. These rules are further underpinned by a punitive measure that holds staff personally liable for the financial consequences of producing content later subjected to censorship, a policy widely interpreted as a deterrent to covering sensitive issues.

Public perception has followed suit: a study released in June 2022 documented a decline in public trust, with RTHK’s trust rating falling to 53%, down from 59% in 2021.

According to the Charter, RTHK’s mission is to serve as an impartial platform for the exchange of views “without fear or favor.” The document further stipulates that editorial independence must be preserved, outlines specific editorial principles, and grants the Director of Broadcasting ultimate responsibility for safeguarding that independence and making final editorial judgments.

To monitor its performance, RTHK deploys several internal mechanisms, most notably the Television Appreciation Index Advisory Panel, comprising representatives from local broadcasters, industry associations, and academia, which conducts regular audience surveys. In addition, the Programming Advisory Panel, with 140 members drawn from a cross-section of society, reviews RTHK output and advocates on its behalf, frequently lobbying the government for increased funding to enable the broadcaster to fulfil its public service mandate.

Yet over the past three years, these safeguards have been systematically disregarded.

August 2025

Media assets

Television: TVB Jade, TVB Pearl, TVP Plus, TVB Anywhere, MyTV Super, TVBS, TVBNews, TVB.com, TVB USA

State Media Matrix Typology

Captured Private (CaPr)

Ownership and governance

The media group is majority-controlled by Young Lions Holdings Limited, once helmed by Charles Chan Kwok‑keung, a figure often dubbed Hong Kong’s “maverick deal‑maker.” Li Ruigang, founder of China Media Capital and a former senior Shanghai CCP official, also figures prominently in the ownership structure.

Thomas Hui To, born 1 May 1972, is the Executive Chairman of TVB, a role he assumed on 10 March 2023. His board journey with TVB began in 2015 as a Non‑Executive Director; he became Executive Director in 2018 and served as Non‑Executive Chairman before his current appointment. Hui brings over three decades of senior leadership experience across investment banking, consultancy, and media. His career includes senior roles at Goldman Sachs (Asia), Merrill Lynch, and McKinsey & Company; he also held executive positions at KingSoft, GigaMedia, and JC Entertainment.

Source of funding and budget

TVB’s financial trajectory shows meaningful recovery: for the full year 2024, total group revenue stood at HK$3.258 billion (US$ 417.7 million), a modest 2% dip from 2023. Crucially, core TV-related operations bucked the trend, rising by around 10%, driven by robust gains in Hong Kong and Mainland China segments.

The company swung into positive EBITDA territory, earning HK$295 million (US$ 37.8 million), a HK$435 million (US$ 55.7 million) turnaround versus a loss in 2023, and trimmed its net loss significantly to HK$491 million (US$ 63 million) for the year. Excluding non‑recurring write‑downs, the second half of 2024 delivered an adjusted profit of HK$53 million (US$ 6.8 million).

Editorial independence

While TVB remains a publicly traded and privately held hybrid entity, concerns about its editorial autonomy have persisted. Studies and watchdogs have flagged increasing editorial influence from Beijing over recent years, in line with a broader tightening of control over Hong Kong’s media landscape. Documented instances of direct and overt censorship within the broadcaster have emerged during this period.

To date, there is no domestic legislation establishing the editorial independence of TVB, nor has any independent oversight or assessment mechanism been identified that could safeguard it.

August 2025

Through its subsidiary operations, Guangdong Xin Wenhua also controls Sino United Publishing, which dominates around 80% of Hong Kong’s Chinese-language book market via major retail chains like Joint Publishing, Chung Hwa Book Co., and Commercial Press.

Media assets

Publishing: Newspapers- Ta Kung Pao, Wen Wei Po, Hong Kong Commercial Daily (HKCD); Magazines- Bauhinia, Knowledge Magazine

News portal: Orange News

State Media Matrix Typology

Captured Public/State-Managed (CaPu)

Ownership and governance

Investigative reports have established that Guangdong Xin Wenhua is fully owned by the Liaison Office, although this ownership was downplayed or hidden for years. . This structure places the company squarely under the central political apparatus, blurring the lines between commercial enterprise and state-directed media control.

In early June 2025, Beijing unexpectedly replaced Zheng Yanxiong—the hardline director of the Liaison Office in Hong Kong—with Zhou Ji. Local officials and observers described the shift as a routine personnel change, though it occurred amid political turbulence and was reportedly linked in part to disagreements over the CK Hutchison ports deal. . While not directly tied to Guangdong Xin Wenhua, leadership reshuffles at the Liaison Office could presage broader strategic reorientations affecting affiliated media operations under its control.

Source of funding and budget

The firm does not publicly disclose financial performance figures. While its outlets generate some revenue from advertising, industry insiders interviewed in mid‑2023 and mid‑2024 suggest that substantial state funds flow through the Liaison Office to these media entities. However, there is no evidence indicating that such funding exceeds 50% of the outlets’ annual budgets.

Editorial independence

Journalists and independent observers widely regard the group’s media as vehicles for promoting Beijing’s viewpoints. These outlets are seen as reshaping public discourse in alignment with central messaging, frequently targeting independent press and dissenting voices, and spreading narratives aimed at discrediting critics of the Chinese government.

There is no known domestic legislation or independent oversight mechanism that protects the editorial independence of these media entities. Governance remains firmly under the direction of the Liaison Office, with no apparent checks and balances in place.

August 2025