Hong Kong pro-democracy newspaper Apple Daily said Monday it may close down within days. An asset freeze by authorities using a new national security law has left the media group on the brink of insolvency.

The newspaper's board said it would meet Friday to discuss whether to cease operations. On Monday, it asked authorities in unfreeze assets so the publication could pay salaries and avoid labor violations. 

What is Apple Daily's significance?

Apple Daily has been a frequent critic of China's authoritarian regime. It also backs Hong Kong's pro-democracy movement.

DW Hong Kong correspondent Phoebe Kong said the paper's closure would be a "blow to civil society."

"Apple Daily has witnessed and documented one of the most controversial periods in Hong Kong's history, and has been an icon for voices critical of Hong Kong's authorities and the Chinese Communist Party," she said.

"Its closure would be a very big setback for the press and freedom of expression. It will definitely intensify fear in the community of the national security law," she added.

The arrests of Apple Daily executives

The owner of the newspaper — Jimmy Lai — is in jail and was among the first to be charged under the security law that came into effect last year. The legislation enables Beijing to more easily punish protesters and reduce the city's autonomy.

Five Apple Daily executives, including the chief editor and CEO, were detained last week under the national security law. Hong Kong authorities also froze the tabloid's finances.

The paper's closure would mean the end of one of the few remaining newspapers in Hong Kong willing to be critical of China's policies and leaders in the semiautonomous city. 

jsi/rt (AFP, Reuters)