Chinese-language daily to step up efforts to integrate print and Internet platforms

One of the city's oldest Chinese-language newspapers, Sing Pao Daily News, resumed its print edition on Thursday after closing for 20 days for financial reasons.

On its front page, the paper posted a full-page recruitment advertisement for a multitude of positions - including reporters, designers, editors and advertizing managers.

Gu Zhuoheng, chairman of Sing Pao's board of directors, said in the comeback edition that its business had been largely squeezed by the rapid development of mobile devices. The newspaper would therefore step up efforts on a "new direction" - to integrate the print and Internet platforms.

"Hong Kong people's reading habits have significantly changed during recent years since new media has become a major information source," Gu said. He admitted this had resulted in financial problems for the company and forced the paper to change its strategy.

Founded in 1939, Sing Pao had the largest circulation among newspapers in Hong Kong during the 1960s.

The paper recorded HK$29 million revenue during March to December 2014, a 42 percent slump from the same period in 2013. Its deficit widened from HK$6.7 million to HK$67 million, according to its previous financial report.

Sing Pao's current financial saga started in April, when creditor Korchina Culture Investment petitioned the High Court to wind up the company. In July, provisional liquidators appointed by the High Court froze the paper's bank account.

Meanwhile, also on Thursday, one of the city's most popular entertainment magazines Sudden Weekly under the Next Media Group published its last issue.

Eat And Travel Weekly and fashion magazine ME!, both Sudden Weekly supplements, will combine with Next Magazine from Aug 16.

Sudden Weekly had cut its print volume to 60,000 per issue from May, but the move failed to save the company.

During its peak, its circulation was more than 240,000. From 2012, the weekly witnessed a rapid decline in sales. The circulation decreased annually at a rate of tens of thousands per issue.

According to Next Media's financial report in June, advertizing income from its print publications dropped 25 percent. Total income dropped 9.5 percent and net income saw a 31.6 percent slump.

luisliu@chinadailyhk.com

(HK Edition 08/07/2015 page7)