Hong Kong media giant soars 344pc as Lai arrest spurs activists | Malay Mail

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HONG KONG, Aug 10 — Shares in a Hong Kong media group critical of Beijing soared more than 300 per cent today as democracy activists hit social media urging investors to support the media company after its owner was arrested under the city’s new security law. Jimmy Lai, one of the city’s most...

In this photo taken on June 16, 2020, Hong kong pro-democracy media mogul Jimmy Lai, 72, poses during an interview with AFP at the Next Digital offices in Hong Kong. Lai was arrested under a new national security law on August 10. — AFP pic

Jimmy Lai, one of the city’s most vocal Beijing critics, and leading executives were arrested in the morning for alleged fraud and colluding with foreign forces — a newly created national security crime. Lai owns the Apple Daily newspaper and Next Magazine, two outlets unapologetically pro-democracy and critical of Beijing.The company’s share price initially tumbled almost 17 per cent but soon rocketed 344 per cent to HK$0.40, its highest since June last year. It ended 183 per cent higher at HK$0.255.

“The last mainstream media that has been striving to oppose the Communist Party can be over any time,” wrote HenryPorterBabel, a Facebook page with more than 39,000 followers, adding it was buying 300,000 shares.

 

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