Next Media, the parent company of Hong Kong’s Apple Daily, was temporarily suspended from trading by the Hong Kong Stock Exchange on Monday (May 17, 2021). Last Friday, Hong Kong’s Security Bureau announced that it was freezing the shares of Next Media held by its founder, Lai Chi-ying, a prominent democracy activist who is believed to still own 71 percent of the company, as well as property in local bank accounts of three other companies he owns, under national security laws.
For the first time, Hong Kong authorities have imposed a trading halt on a listed company under national security laws, threatening not only Next Media’s ability to raise capital and the company’s prospects, but also adding to concerns about the overall investment climate in the Asian financial center.
Also on Monday, the trial of Lai Chi-ying and nine other pro-democracy activists accused of organizing and participating in an unauthorized assembly on Oct. 1, 2019, began in the District Court. They each pleaded guilty to one count of organizing an unauthorized assembly. Co-defendants in the case also include prominent activists Lee Cheuk-yan, Tsoi Yiu-cheong, Leung Kwok-hung and Albert Ho. The court is scheduled to issue a sentencing ruling on May 28.
Lai was already sentenced to 14 months in prison for his participation in the 2019 anti-government demonstrations, and faces three other charges of “colluding with foreign countries or forces outside the country to endanger national security.
The U.S. and other Western countries have condemned Beijing and Hong Kong authorities for their continued political persecution of pro-democracy activists, and have imposed sanctions on officials. Chinese authorities reject these accusations and have taken counter-sanctions. Beijing claims that Hong Kong is an internal affair of China and that foreign countries have no right to interfere.
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