News

Apple Daily Stock Soars After Founder Jimmy Lai Arrested

Apple Daily Stock Soars After Founder Jimmy Lai Arrested

Shares of Next Digital, the media company that owns Hong Kong’s dissident newspaper Apple Daily, skyrocketed after the arrest of founder Jimmy Lai on Monday.

Analysts saw the surge in price as a show of support for Lai, with some stock buyers explicitly stating they made huge purchases of Next Digital as gestures of defiance against the Hong Kong administration and its masters in Beijing.

Radio Television Hong Kong (RTHK) noted Next Digital stock initially took a dive after Lai’s arrest, bottoming out at a 17 percent loss when footage of Hong Kong police marching into Next Media’s offices filled television screens.

The cafe is owned by Ian Lai, son of Jimmy Lai, who was also arrested on Monday alongside his father and his brother Timothy.

Jimmy Lai, 72, was arrested under the national security law imposed on Hong Kong by the Chinese Communist Party in June.

Latest News, Photos & Videos