Shares in jailed tycoon Jimmy Lai’s Next Digital Ltd (0282.HK) soared on Thursday, the first day of trading after a suspension of longer than a week following a freeze in the pro-democracy activist’s assets under the national security law.
In a late Wednesday statement, the media publisher said it had enough working capital for at least 18 months from April 1 without additional funding from Lai, its controlling shareholder.
Shares opened 141.9% higher at HK$0.45, the highest since December 2020, when Lai was charged under the security law imposed by China earlier that year. They then extended gains to HK$0.80, the highest since August 2020, when Lai was first arrested and national security police raided the newsroom of his Apple Daily newspaper.
The stock can be highly volatile as trade is dominated by retail investors,…