The arrest of media tycoon Jimmy Lai sparked a historic two-day trading session that saw an unprecedented act of investor activism in Hong Kong’s financial markets. Who were the top winners?
The high-profile arrest of one of Beijing’s most vocal critics alongside other media colleagues in Hong Kong reportedly inspired a showing of solidarity from many retail investors in the city who rushed in orders to express pro-democracy sentiments via the market.
The media sector at large saw a boost across the board as many saw Lai’s arrest as a fatal hit to media freedom in Hong Kong and the historic rally continues to persist. Of the top winners, a small handful of media players – many with a history of open pro-democratic acts – saw gains well above and beyond the broader sector. finews.asia takes a look at the top post-arrest stock winners.
Next Digital: 1,200+ Percent
As of publishing, Next Digital shares have experienced a truly historic two-day rally widely viewed as Hong Kongers primary showing of solidarity via the financial market. From a record-low of HK$0.075 yesterday immediately after the arrest, the stock at one point peaked to nearly $1.00 today and now settles above HK$0.95 at the point of publishing.
The group is the owner of «Apple Daily», one of the most widely read newspaper in the city and a vocal critic of the Hong Kong and Beijing government.
Most Kwai Chung: 300+ Percent
A media firm and also a vocal critic of pro-establishment figures and ideas in Hong Kong and mainland China, Most Kwai Chung’s shares have seen dismal performance since a high of HK$4.6 in 2006. The stock was priced around HK$0.50 yesterday morning but suddenly surged following the arrests and continue rallying to a peak of HK$1.7 today – a 340 percent peak-to-trough increase.
Founder Roy Tsui has openly spoken against self-censorship and the firm’s main platform, «100Most», is widely described as satirical, irreverent and anti-authority with strong readership amongst Hong Kong’s youth.
One Media Group: 200+ Percent
The Greater China subsidiary of Media Chinese International, a regional media group with a presence in Malaysia, One Media Group also saw its shares reach record-lows in 2020. From a pre-arrest price of HK$0.189 yesterday, its shares have since shot up more than double to reach a peak of HK$0.40 today.
One Media is notably associated with «Ming Pao», another widely read newspaper in Hong Kong which is viewed by many as relatively conservative. Still, it has differentiated itself from pro-establishment media outlets not by being particularly critical but by virtue of greater openness. One recent example was its decision to publish an ad criticizing a Canadian public figure's support for the national security law, after the placement request by pro-democracy activists was rejected by rival media firm «Sing Tao».
Media Chinese International, listed in Hong Kong and Malaysia, also saw its share price rise 46 percent in the two-day period.
