Next Media’s stock rose rather than fell after its founder and company executives were arrested on Aug. 10, which many believed was a way for shareholders to show their support for Chi-Ying Lai.
The Hong Kong police took action on Thursday, arresting 15 people for conspiracy to commit fraud and money laundering. The operation was carried out by the Narcotics Bureau, and the 15 people arrested are suspected of using whatsapp as a communication tool to buy and sell Next Media’s shares to make high profits, with one of the arrestees earning more than HK$25 million.
Next Media’s share price has been volatile since August 10, when it rose sharply from a low of $0.075 to $1.96 and then fell sharply to a high of more than 85%, losing $0.3 recently.
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