Next Media Shares Continue Its Surge In Hong Kong

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 has 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 it has 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.

It 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 its value had risen by by more than 1,100 percent since Monday. (AFP)

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