Pro-democracy media tycoon Jimmy Lai's company skyrocketed 788% since his arrest

WION Web Team
NEW DELHI Published: Aug 11, 2020, 01.52 PM(IST)

File Photo: Bundles of the Apple Daily newspaper, published by Next Media Ltd, with a headline "Apple Daily will fight on" after media mogul Jimmy Lai Chee-ying. Photograph:( Reuters )

Story highlights

Next Digital, the media group owned by tycoon Jimmy Lai and which runs the tabloid Apple Daily, rose 214 per cent to HK$0.80 in the morning on Tuesday -- meaning it has risen 788 per cent since trading began on Monday at HK$0.09.

The value of Jimmy Lai’s company’s shares in the stock markets have jumped nine times after its owner’s arrest as the activists and pro-democracy people threw their support behind it.

Next Digital, the media group owned by tycoon Jimmy Lai and which runs the tabloid Apple Daily, rose 214 per cent to HK$0.80 in the morning on Tuesday -- meaning it has risen 788 per cent since trading began on Monday at HK$0.09.

The 71-year-old Lai owns the retail company- Giordano, the tabloid Apple Daily and the Next magazine. Lai is worth more than $1 billion and holds a UK citizenship.

On August 10, Jimmy Lai was handcuffed, escorted out of his office, put into a police van and taken away. Lai had been accused of violating the new security law imposed by China in Hong Kong and colluding with a foreign country.

His tabloid, Apple Daily was accused of "instigating hatred, spreading rumours and smearing Hong Kong authorities and the mainland for years".

The security law was implemented on June 10.  It was not supposed to be applied retroactively. 

Lai's arrest spells abuse of the security law. Beijing has repeatedly called him a traitor. 

He is one of the most prominent pro-democracy voices from Hong Kong. China refers to him as the Black Hand behind last year's pro-democracy protests. 

(With inputs from agencies)

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