The problem today is that you have these nice laws to protect the media, but they themselves are not taking responsibility for their own actions, instead they pander to the prejudices of their readers. They have failed to realise that "free speech" (and other rights) can be exercised in a very negative way, and are undermining their own society for the profit motive, or other political motives.
Regarding Hong Kong, this is a nice and detailed video by some Hong Kong folks including an ex-executive council member https://www.youtube.com/watch?v=95VohJu-14w