Jimmy Lai’s Next Digital Soars 344% After Arrest, Police Raid
- Shares had fallen in morning trade after Chairman Lai arrested
- Afternoon surge followed calls on social media for support
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Social media posts urged investors to buy shares of Hong Kong media tycoon Jimmy Lai’s company, following his arrest and police raid of his flagship newspaper.
After falling as much as 17% in morning trade to hit a fresh record low, shares of Next Digital Ltd. soared 344% to HK$0.40 in the afternoon, reaching the highest since June 2019. Lai is chairman and his Apple Daily newspaper is Next Digital’s highest-profile business.