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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.

Nathan Bomey, author of Closer
2 hours ago - Economy & Business

Tesla delays Cybertruck until 2023

Tesla debuts the Cybertruck in Hawthorne, Calif., on Nov. 21, 2019. Photo: Frederic J. Brown/AFP via Getty Images

Tesla is at risk of falling behind on one of the most critical products in the American auto industry: pickups.

Why it matters: Pickups are the most profitable segment in the business and account for the first, second and third best-selling vehicles in the country. Without a serious pickup strategy, Tesla could miss out on a huge source of future income.

Defense taking steps to mitigate civilian harm after botched airstrikes

Secretary of Defense Lloyd Austin speaks during a news conference at the Pentagon in Arlington, Virginia on Sept. 1, 2021. Photo: Andrew Harrer/Bloomberg via Getty Images

Defense Secretary Lloyd Austin issued a directive Thursday to improve the U.S. military's approach to civilian harm mitigation and response, calling it a "strategic and a moral imperative."

Why it matters: The Pentagon has faced criticism for years for amassing civilian casualties in its missions, especially in the Middle East. New York Times investigations have found systemic failures in efforts to prevent civilian deaths, as well as a cover-up of a 2019 airstrike that killed dozens of women and children in Syria.