Next Digital trading halted after Jimmy Lai's assets frozen

The Hong Kong stock exchange has halted trading of Next Digital shares after assets belonging to its founder Jimmy Lai were frozen

HONG KONG -- The Hong Kong stock exchange halted trading of Next Digital shares Monday after authorities froze assets belonging to its founder Jimmy Lai. Later in the day, the media tycoon and nine pro-democracy activists pleaded guilty to taking part in an unlawful assembly in 2019. Lai is already serving a 14-month sentence for his role in two other unauthorized assemblies during a period when Hong Kong residents were involved in mass anti-government protests. Next Digital said in a filing that it requested the trading halt after authorities announced the freeze on Lai’s assets Friday. Next Digital publishes pro-democracy tabloid Apple Daily, and the company was founded by Lai, its controlling shareholder. Lai and the nine others who pleaded guilty over a demonstration that occurred on Oct. 1, 2019, can make pleas mitigation pleas on May 24 and the sentences will be handed down on May 28. They face up to five years imprisonment.