They’ve occupied Hong Kong’s central business district, marched by the hundreds of thousands through the city’s streets and endured tear gas and pepper spray in pitched battles with riot police.
Now Hong Kong’s pro-democracy supporters are wielding a new protest weapon: their stock-market trading accounts.
To show support for Jimmy Lai, the publisher and outspoken government critic who was arrested Monday under the city’s new national security law, Hongkongers have been piling into shares of his media company, Next Digital Ltd. The result: a more than 1,100% surge in two days that propelled the stock to a seven-year high.
“There are a huge number of retail investors buying,” said Castor Pang, head of research at Core Pacific-Yamaichi. “If you just look at the bid-ask price and the size of single trades, most are super small.”
JIMMY LAI UPDATE: THE RESISTANCE CONTINUES:
Jimmy Lai was taken in public in handcuffs to his boat for what can only be described as an opportunity to humiliate him.
However, after HK people drove up Next stock & bought up all the Apple Daily's, I'm thinking humiliation was someone else's issue. t.co/3izC8MXx5C
— Mark Simon (@HKMarkSimon) August 11, 2020