Hong Kong has refused to renew a work visa for the Asia news editor of the Financial Times, who is also an official of the city's Foreign Correspondents' Club (FCC), a decision that has shocked many in the financial hub's international community.

The news comes two months after government officials in China and Hong Kong condemned the FCC, one of Asia's leading press clubs, for hosting a speech by an independence activist, reigniting debate about the viability of the city's promised freedoms.

"The Hong Kong authorities have rejected an application to renew the work visa of Victor Mallet, Asia news editor at the Financial Times," the newspaper said in a statement.