It is a tabloid for the funding size. But unlike the usual tabloid, it has the other side which basically support one specific social grouping - liberal, status quo with aspiration to democracy by peaceful means (old man wish, think of martin lee and cardinal zin etc.), June 4 rememberance... That is not the young one newspaper and hence not really in the core of the movement. But it is the bedrock for a lot of anti-communist people in Hong Kong. That is why with any excuse it would be removed. Like the legislature now just of communist supported puppet, removing apple daily will left mostly pro-communist groups. Or at least dare nit to say anything groups of media.

And the way the police and court deal with it, there is just an arbitrary rule on Hong Kong.

It is the end of liberal (general sense or you can use free) Hong Kong.