Hong Kong (AFP)

Shares of the parent company of the pro-democracy Hong Kong-based Apple Daily group quadrupled Thursday morning when trading resumed after an eight-day halt in trading on the stock market.

Hong Kong's largest pro-democracy media group Next Digital Limited, which publishes Apple Daily and the online magazine Next, suspended listing of its title on May 17 after authorities freeze assets of jailed owner Jimmy Lai, Beijing's pet peeve.

When trading resumed on Thursday, the stock price shot up from 0.19 Hong Kong dollars (2 euros) to 0.80 HKD, before dropping back to 0.36 HKD by mid-morning.

This increase could be explained by the desire of Hong Kongers to show their solidarity with the Apple Daily, in difficulty, by the purchase of shares of the group.

A similar rise in the stock market was recorded on the day of the media mogul's first arrest in August.

The 73-year-old billionaire irritates Beijing over its newspapers' support for the pro-democracy movement that sparked massive protests in 2019.

Apple Daily has consistently supported the unrelenting protests for months in 2019 in the Asian financial hub.

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On Wednesday, in a document announcing a resumption of transactions, Next Digital estimated that around 500 million Hong Kong dollars (53 million euros) in Mr. Lai's assets were frozen, including his 71% stake in the group.

However, this freeze does not concern Next Digital or its subsidiaries, the group said.

It was the first freeze by the Hong Kong authorities for violating the drastic national security law imposed last year by Beijing, a measure that could worry some investors.

Next Digital reported that its bank balance and cash flow at the end of March was around HKD 520 million.

"The group's current working capital is sufficient to last at least 18 months from April 1 without further financial support from Mr. Lai," according to the document.

This asset freeze comes as the Chinese authorities are engaged in a strong takeover of Hong Kong, where they intend to silence dissidents.

Mr. Lai is currently serving a 14-month prison sentence for taking part in two protests in 2019 and is the subject of two other proceedings in connection with rallies.

He is also accused of "colluding with foreign forces" for allegedly advocating foreign sanctions against Hong Kong and the Chinese rulers, for which he faces life imprisonment.

© 2021 AFP