Arrest of Jimmy Lai highlights different kind of shareholder activism
Next Digital is fighting for its life. One of the last truly independent media outlets in Hong Kong, its high-profile publisher, Jimmy Lai, was arrested this week as part of China's crackdown on pro-democracy activism.
Driving the news: Apple Daily, the company's flagship newspaper, is the most-read outlet in Hong Kong. Lai's arrest caused his company's stock to rise elevenfold in a single day, thanks to thousands of Hongkongers flocking to the market to bid up the shares.
- It's an example of what Bloomberg's John Cheng describes as "alternative forms of protest" in a territory now governed by laws effectively outlawing mass demonstrations.
What they're saying: "We have to be more careful and creative" in how to resist Chinese communism, Lai said after he was released on bail. "We have to really use our brain and patience, because this is a long fight."