Media tycoon Jimmy Lai at the Next Digital offices in Hong Kong in June. Photo: Anthony Wallace/AFP via Getty Images

National Security Adviser Robert O'Brien said in a statement Monday night the Trump administration is "deeply troubled" by the arrest of Hong Kong pro-democracy activist Jimmy Lai on suspicion of "collusion with foreign powers."

Why it matters: The arrest Monday of the most prominent person under the new national security law that gives Beijing more powers over the former British colony comes amid heightened tensions between the U.S. and China.

Details: Lai has been bailed, per the BBC. The 72-year-old's son was also arrested, Lai's pro-democracy newspaper the Apple Daily reports

  • Mark Simon, an executive at the tycoon's media firm Next Digital, tweeted that police had gone to Lai's home after issuing search warrants before heading to Apple Daily's newsroom to conduct a search.
  • Hong Kong police said in a statement Monday they searched a building in Tseung Kwan O, where Apple Daily's headquarters are located. They said they had arrested seven people on suspicion of breaching the national security law.
  • "Offences include collusion with a foreign country/external elements to endanger national security," the police added.

What they're saying: "These reported arrests, following the recent action by the Hong Kong government to unjustly disqualify candidates and postpone the Legislative Council elections, are the latest violations of Beijing’s commitments to the Hong Kong people and the world," O'Brien said.

"These arrests are also a clear effort to intimidate pro-democracy and political opposition figures and suppress Hong Kong’s free and independent media, which have played  key roles in the city’s character and success."
— Excerpt from O'Brien's statement

Of note: Lai was among a group of activists arrested earlier this year on charges of holding illegal assemblies in August and October related to the massive pro-democracy protests that swept the Asian financial hub last year.

  • When the national security law was imposed by Chinese lawmakers in June, Lai told the BBC in response that it "spells the death knell for Hong Kong."

Go deeper: With new security law, China outlaws global activism

Editor's note: This article has been updated with new details throughout.

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Oct 26, 2020 - World

China to sanction Boeing, Lockheed Martin, Raytheon over Taiwan arms sales

Taiwan's President Tsai Ing-wen during a visit to Penghu Air Force Base. Photo: Sam Yeh/AFP via Getty Images

China plans to impose unspecified sanctions on Boeing, Lockheed Martin, Raytheon and other U.S. companies involved in weapons sales to Taiwan, Reuters reports, citing a Chinese Foreign Ministry spokesperson.

Why it matters: The Trump administration last week notified Congress of an additional $1.8 billion in proposed arms sales to Taiwan. China's recent military exercises and the buildup of forces along its southeastern coast have renewed fears of an invasion of Taiwan, which Beijing views as a breakaway province that must be brought under its control.

Dan Primack, author of Pro Rata
Oct 26, 2020 - Economy & Business

China's Ant Group preps largest IPO of all time

Photo: Ding Junhao/VCG via Getty Images

Ant Group, the Chinese financial services giant, on Monday disclosed plans to raise up to $34.4 billion in what would be the largest global IPO of all time.

The big picture: Ant Group expects to raise around $17.2 billion in both Shanghai and Hong Kong, likely next week, by seeking to price at HK$80 per share for a potential value of more than $300 billion. Alibaba Group would participate in order to retain its 33% equity position.

Go deeper: Why the Ant IPO matters to geopolitics

Zeta, now a Category 2 Hurricane, makes landfall on Louisiana coast

The probable path of Zeta, per the National Hurricane Center. Photo: NHC/NOAA

Zeta, classified as a "significant" Category 2 hurricane, made landfall along the southeastern coast of Louisiana on Wednesday evening, according to the National Hurricane Center.

The state of play: Louisiana Gov. John Bel Edwards (D) requested a pre-landfall Emergency Declaration in a letter to President Trump on Tuesday. The hurricane is producing 110-mph maximum sustained winds and stronger gusts. The core of Zeta — including its destructive eyewall — moved ashore near Cocodrie.