Hong Kong media stock surges after publisher's arrest
Jimmy Lai's Next Digital jumps to 7-year high as huge numbers of retail investors buy the shares
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TO show support for Jimmy Lai, the publisher and outspoken government critic who was arrested on Monday under the city's new national security law, Hongkongers have been piling into shares of his media company, Next Digital. The result: a more than 1,100 per cent surge in two days that propelled the stock to a seven-year high.
"There are a huge number of retail investors buying," said Castor Pang, head of research at Core Pacific-Yamaichi. "If you just look at the bid-ask price and the size of single trades, most are super small."
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