Hong Kong's South China Morning Post has covered the territory's role as a unique link between China and the rest of the world since the newspaper's founding in 1903.

But that link has grown fraught as China continues to crack down on dissent and pro-democracy protests via the national security law it drafted and passed late last month.

Gary Liu, the English-language newspaper's CEO since 2017, worries that its independence depends on that of the territory. "If the laws of this city and the judiciary that protects those laws change to the point where there is no longer press freedoms in this city, the South China Morning Post will change," Liu said. "And I think that would be a very, very sad day for this city, it would be a very sad day of course for the Post, and it would be an unfortunate day for the world."

The coronavirus pandemic presents an additional challenge. Though Hong Kong was hardened by its experience with the SARS outbreak in 2003, the virus has combined with the protests that began last year to shut down the industries, including tourism -- Hong Kong has been the world's most visited city for years, according to Euromonitor -- that the SCMP depended on for advertising revenue.

These obstacles follow years of readership growth for the South China Morning Post. Alibaba bought the paper in 2015, and brought its paywall down shortly after.

Liu said this allowed the media property to have "far exceeded" the scale it had set out to meet. The English-language paper went from 4 million monthly active users, when the paywall came down, to more than 50 million in recent months, according to Liu.

Now, said Liu, "it's about when do we believe we have the right product for us to ask some audiences around the world to start paying for the South China Morning Post again?"

For him, financial success is "the only way long-term to ensure and protect editorial independence." A third of its readers are in the United States, he added.

The pandemic has accelerated initiatives to grow reader revenue, with SCMP aiming to organize 40 virtual events this year as opposed to the 10 in-person ones they'd been planning on. The Post is also launching SCMP Research, a paid vertical.

"China is unique because it's so important and yet it is still a closed information ecosystem. And there are not a lot of people who can properly extract and can properly parse and can properly distribute the information within China to the rest of the world. And we happen to be able to do that," Liu said.