Next Media shares continue surge in Hong Kong - RTHK
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Next Media shares continue surge in Hong Kong

2020-08-11 HKT 12:11
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  • While some supporters bought several copies of Apple Daily, analysts say investors are fuelling a surge in the shares of the daily's parent company. Photo: Reuters
    While some supporters bought several copies of Apple Daily, analysts say investors are fuelling a surge in the shares of the daily's parent company. Photo: Reuters
Shares in the parent company of a Hong Kong pro-democracy newspaper continued to skyrocket on Tuesday, a day after its founder Jimmy Lai was arrested and police raided Apple Daily buildings.

The shares have risen nine-fold since Monday, enjoying another blockbuster surge as activists threw their support behind the media company.

Shares of Next Digital, which runs the tabloid Apple Daily, rose 214 percent to HK$0.80 in the morning on Tuesday – meaning they have risen 788 percent since trading began on Monday at HK$0.09.

The shares initially fell when news of Lai's arrest broke on Monday morning, but started to rally after online messages urged support for the firm.

They rose 300 percent at one point on Monday afternoon after the buying started. Some analysts said the surge was fuelled by investors who responded to calls on social media to pile into the market to support the firm.

By closing time on Tuesday the value of the shares had risen by by more than 1,100 percent since Monday. (AFP)

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Last updated: 2020-08-12 HKT 13:18