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Shares in the Hong Kong-based media company controlled by Jimmy Lai grew by 330% as they resumed big business after disrupting the democratic economy by building on anti-national security laws.
Hong Kong’s next-ever-published newspaper has the Apple Daily newspaper, which angered the city government for its coverage of the anti-democratic protests in 2019. Lai is in jail for participating in protests and is facing other charges including conspiracy to commit alliances. by foreign troops in accordance with Hong Kong’s security law.
Shares in Next Digital subsequently reduced profits in Thursday’s sale to 96% higher.
Dickie Wong, Hong Kong’s managing director of Kingston Securities, says the jump is due to the support of Apple Daily and is not related to the health of the business.
“Obviously from the point of view of acquisition is very strong… Some of the ‘yellow’ people can support the company,” said Wong, referring to the pro-democracy movement in Hong Kong, whose members are known to wear yellow ribs.
Apple Daily has angered the city government for its actions in writing anti-democratic protests in 2019 © AP
Next Digital divisions have been making significant changes in all of Lai’s problems. In August, stocks nearly tripled to $ 3 billion after being arrested for violating national security law and the Apple Daily office. Contributors were attached to the section to indicate agreement.
As a result, the police arrested 15 people in September accusing him of conspiracy to defraud and extort money from them, alleging that some of the detainees had used Next’s cost.
Apple Daily has been facing financial difficulties as a result of the epidemic and concerns that officials will force the newspaper to close. It will also suspend the printing of its Taiwanese brand.
Earlier this month, The Hong Kong government has disrupted Lai’s divisions in Next Digital, as well as the bank accounts of the three companies involved. This prompted a halt to the sale of shares in the group.
This growth was the first that the national security law, which Beijing enacted last year, has been enforced against those who sell large amounts of money to the aforementioned company.
Lai owns 71% of Next Digital, valued at approximately HK $ 350m (US $ 45m) before reselling Thursday. He has also made further loans to the company.
Stock trading resumed after Next Digital said late Wednesday that it was negotiating with its investors and had had enough money for about 16 months since June. The company also claims to have met the 25% public floating requirement in accordance with stock laws.
Pro Beijing officials in Hong Kong continue to pressure the company.
CY Leung, the city’s former mayor, told Facebook Wednesday that Next Digital executives were “careless”, “careless” and “misleading” saying the group’s operations and economic health were not affected by Lai’s cold economy.
Leung, who is said to be a minority shareholder on Next Digital, also added that he complained to the financial authorities over the group’s comments.
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