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Data: FactSet; Chart: Axios Visuals

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."

Go deeper

Aug 25, 2020 - Podcasts

Ant Group preps giant IPO amid rising U.S.-China tensions

Chinese financial tech giant Ant Group today filed for what could become the largest initial public offering of all time, with plans to list in Hong Kong and Shanghai.

Axios Re:Cap digs into why this deal is as much about geopolitics as it is about stocks, and why New York got left behind.

Pelosi calls raising the debt ceiling a bipartisan responsibility

Photo: Samuel Corum/Bloomberg via Getty Images

House Speaker Nancy Pelosi (D-Calif.) issued a "dear colleague" statement Sunday evening, calling on Congress to act in a bipartisan manner to raise the nation's debt ceiling.

Why it matters: Congress is fast approaching an October deadline to raise the nation's debt ceiling and avoid a government shutdown. But the issue has become a thorny partisan stand-off.

3 hours ago - Politics & Policy

Beto not even best Dem against Abbott

Beto O'Rourke speaks at a rally at the Texas State Capitol in June. Photo: Sergio Flores/Getty Images

Actor Matthew McConaughey’s nine-point lead in a theoretical matchup against Greg Abbott shows just how vulnerable the hard-right Texas governor could be in a general election.

Why it matters: Abbott has won conservative accolades for his abortion, mask and vaccine bans. Axios reported Sunday that former Rep. Beto O’Rourke is preparing to announce a gubernatorial challenge — but a recent poll shows he’s not even the most popular Democrat in the state.