Apple Daily editor-in-chief Ip Yut-kin says about 24 staff have left to join arch-rival Oriental Press Group (OPG), which is understood to be launching a new Chinese language daily newspaper.
He said about 90 per cent of Apple's department heads had been approached by OPG to discuss potential jobs.
Market sources said more than 20 reporters at Ming Pao Daily, owned by Ming Pao Enterprise, had also resigned to join Oriental Press. Sources said the new publication had a start up cost of $50 million and would be aimed at a younger readership, focusing on gossip and Hong Kong news.
According to a recent report by Merrill Lynch, the new paper will be launched at the end of the year or early next year.
It is understood the launch has been timed to coincide with Apple upgrading its printing facilities to double its print run to 600,000 copies a day.
Apple said it had no immediate plans to deal with the potential rival.
Mr Ip said: 'No strategy is the best strategy.' He also ruled out any sale of Apple Daily.
