London, August 10 (HNA) – Hong Kong’s most famous media mogul was arrested on Monday and his newspaper house was stormed by police. Now the share in his media company Next Digital is rising over 300 percent.
It was at dawn on Monday that billionaire Jimmy Lai, one of Hong Kong’s foremost pro-democracy activists and owner of the media company Next Digital, was arrested in accordance with the new national security law.
In the initial trading, Next Digital plummeted on the Hong Kong Stock Exchange by 15 percent. But in the afternoon, the trend reversed – with a rush of over 330 percent.
According to information to Swedish Newspaper Dagens Industri, the soar came after a person behind a pro-democracy group on Facebook stated that he or she supported buying shares in Jimmy Lais’ company and urged more people to do the same. The call spread like wildfire in the afternoon, and the course soared. Some speculators announce on social media that potential profits will be donated to the pro-democracy campaign.
Analysts in Hong Kong that Di spoke said that it probably takes more than an army of small savers to raise the price so much and that it is likely that some large investors have stepped in during the day. Alternatively, automated funds might know the business and purchased.
Unconfirmed information also claims that Next Digital is about to be acquired by a Chinese state-controlled media company.