Next Digital is the largest listed media company in Hong Kong. Founded by Jimmy Lai in 1990.
The company that is known for introducing tabloid-style journalism into Hong Kong and Taiwan that set trends in both markets, is also known for its highly-sensationalized articles which attract a wide range of readers, including critics.
For more than often, Next Digital can take proactive support for democracy groups in Hong Kong.
With numerous controversies from its blog-style journalism, Next Digital and its various publications have landed in constant troubles.
And on the 10th August 2020, founder Jimmy Lai was arrested by the Hong Kong Police.
The authorities detained Lai alongside nine others under a new Beijing directive aimed at curtailing foreign influence and secessionist activities in Hong Kong, which has become a focal point for China’s rocky international relations.
Following Lai's arrest, many Hong Kong activists started buying Next Digital's stock to have their voices heard.
To support the media tycoon Jimmy Lai, activists from Hong Kong became stock traders.
Following the incident, shares of Next Digital Ltd. that fell as much as 17% in morning trade, suddenly soared 344% to HK$0.40 in the afternoon, reaching the highest since June 2019.
While it wasn’t entirely clear what drove the surge, a Facebook post by a self-described financial writer, included a screenshot showing how he purchased 1.22 million Next Digital shares and reportedly profited around HK$75,000 ($9,700) after selling them to show solidarity with Lai.
That post has garnered thousands of Likes and hundreds of shares.
People in the comment section also shared screenshots to show support for the company.
On LIHKG, the multi-category forum website often referred to as the Hong Kong version of Reddit, shared the Facebook item while some top pages on the forum included posts calling for people to buy Next Digital’s stock or not sell.
It was reported that Hong Kong-based Cantopop singer and actress Denise Ho also purchased some of Next Digital's stock.
Next Digital's stock price has fallen steadily over the past five years, to only regained slightly when Hong Kong protests intensified in the first half of 2019.
Before the surge, Next Digital’s market capitalization was at $30.6 million before the day's action. After the market closed, Lai’s company almost quadrupled to nearly $87 million.
Lai who also founded the retail company Giordano in 1981 reportedly faces prison sentences of three to 10 years, and possibly for life if charged and found guilty.
The Committee to Protect Journalists (CPJ) reported that the arrest of Lai "bears out the worst fears that Hong Kong’s National Security Law would be used to suppress critical pro-democracy opinion and restrict press freedom.”
"Jimmy Lai should be released at once and any charges dropped," said Steven Butler, CPJ’s Asia program coordinator.
Lai is a longtime champion of the pro-democracy movements in Hong Kong. His willing to fight for the pursuit of freedom has been expressed through his business ventures, including through some Giordano T-shirts, and through his media company.
With his high-profile figure, Lai's support for the pro-democracy movements came under strong condemnation from the Chinese government.
For more than several times, Lai was one of the pro-democracy leaders arrested and made targets or hostile attacks and disturbances.
More recently, Lai was arrested for illegal assembly during his attendance in the 2019-20 Hong Kong protests.