Apple Daily: Company sees huge rise in stock after crackdown

12/8/2020 6:21

        The holding company of Hong Kong's Apple Daily newspaper has seen its stock rise fourfold, a day after the arrest of its owner Jimmy Lai.
        Mr Lai was arrested on Monday under a controversial security law imposed by Beijing, but has now been bailed.
        The pro-democracy tycoon was among 10 people detained on charges including colluding with foreign forces.
        But Hong Kongers have rallied behind the newspaper, buying stocks in the company.
        The stock closed on Tuesday at HK$1.10, up from its close of HK$0.255 just 24 hours before.
        The paper, which offers a rare, unvarnished take on Hong Kong and China's leadership, said more than 500,000 copies were printed, five times the usual number.
        
        In extraordinary scenes streamed by the paper on Monday, a handcuffed Mr Lai was led through his newsroom as nearly 200 police officers raided the building.
        The move sparked global condemnation of the escalating crackdown on dissent.
        US Secretary of State Mike Pompeo said China had "eviscerated Hong Kong’s freedoms".
        On Tuesday, the newspaper's front page showed an image of Mr Lai in handcuffs with the headline: "Apple Daily must fight on."