Jimmy Lai's Next Digital to be Delisted

Next Digital will be delisted from the HK Stock Exchange

Another nail in the coffin for Next Digital -- the company that Jimmy Lai Chee-ying founded in 1990 will be delisted from the Hong Kong Stock Exchange on January 12 at 9am.

Lai was arrested in August 2020

When Lai was arrested in August 2020 and then the newspaper he founded, Apple Daily, shut down for good in June 2021 because Next Digital's HK$18 million (US$2.3 million) in assets were frozen by the authorities, it was only a matter of time before the company would be delisted. It is also in the process of being liquidated.

Many will never forget the day 200 police officers descended on the Tsueng Kwan O office and paraded Lai in handcuffs around the office. It was a blatant threat, but the staff knew what to do -- report the story in real time. 

Why not -- they had a front row seat and they were part of the story too.

They invited the media in on June 24, 2021, their last day of printing, knowing it was an historic moment that had to be recorded for everyone to remember.

Lai owns 72 percent of the company's shares, while his ardent supporters propped up the stock a few times towards the end.

Last edition of Apple Daily in June 2021

When Lai was arrested for allegedly colluding with foreign forces on August 20, 2020, the stock rallied from HK$0.75 to HK$1.96 that day. 

Then the authorities froze Next Digital's assets on May 17, 2021, along with Lai's bank accounts; that led to the suspension of share trading.

But four days later trading resumed and the stock opened 141.9 percent higher to HK$0.45 and rallied to HK$0.80.

Delisting Next Digital is just a formality, but memories of Apple Daily, Next Digital and Lai will long be remembered.