Hong Kong Exchange to Delist Jailed Jimmy Lai Media Group on 12th January 2023; share value of over HK$7 Million vanished
Next Digital, the media company founded by jailed tycoon Jimmy Lai Chee-ying, will be delisted from the Hong Kong stock exchange on January 12, a year and a half after the closure of its flagship newspaper Apple Daily.
On December 23, 2022, the company received a letter from the Hong Kong Stock Exchange notifying that a review would be carried out to evaluate the company's trading and listing status. The Listing Committee has decided to remove Next Media's listing status citing Listing Rules 6.01A (1) . If Next Media does not appeal this decision, its listing status will be revoked on January 12, 2023.
Next Media responded that it has no intention to appeal this decision.
Before trading suspension, Next Media had a per-share earnings of HK$0.29, with a market value of HK$765 million. According to data disclosed by the Stock Exchange, Next Media's founder Jimmy Lai holds 71.26% of the company's shares. According to RFI, the delisting means that Jimmy Lai and the small shareholders who hold about 30% of the company's shares will together lose HK$765 million."
RFI also reports that according to the Hong Kong Freedom of Speech Annual Report, which was written by anonymous journalists and news scholars and published by the International Journalists' Association, Next Media's rapid downfall is a reflection of a major change in laws affecting media. The report states that the National Security Law has given the Hong Kong government significant power to suppress private property rights, freedom of speech, personal freedom, and the rule of law.
The report also mentions that Next Media, which had one of the top readership and over 500,000 paying online subscribers in Hong Kong, is wiped out within half a year of the law's implementation.
Source: Channel C Hong Kong, #Jan05
https://bit.ly/3WipCbH
#ApplyDaily #JimmyLai #HongKongExchange
Next Digital, the media company founded by jailed tycoon Jimmy Lai Chee-ying, will be delisted from the Hong Kong stock exchange on January 12, a year and a half after the closure of its flagship newspaper Apple Daily.
On December 23, 2022, the company received a letter from the Hong Kong Stock Exchange notifying that a review would be carried out to evaluate the company's trading and listing status. The Listing Committee has decided to remove Next Media's listing status citing Listing Rules 6.01A (1) . If Next Media does not appeal this decision, its listing status will be revoked on January 12, 2023.
Next Media responded that it has no intention to appeal this decision.
Before trading suspension, Next Media had a per-share earnings of HK$0.29, with a market value of HK$765 million. According to data disclosed by the Stock Exchange, Next Media's founder Jimmy Lai holds 71.26% of the company's shares. According to RFI, the delisting means that Jimmy Lai and the small shareholders who hold about 30% of the company's shares will together lose HK$765 million."
RFI also reports that according to the Hong Kong Freedom of Speech Annual Report, which was written by anonymous journalists and news scholars and published by the International Journalists' Association, Next Media's rapid downfall is a reflection of a major change in laws affecting media. The report states that the National Security Law has given the Hong Kong government significant power to suppress private property rights, freedom of speech, personal freedom, and the rule of law.
The report also mentions that Next Media, which had one of the top readership and over 500,000 paying online subscribers in Hong Kong, is wiped out within half a year of the law's implementation.
Source: Channel C Hong Kong, #Jan05
https://bit.ly/3WipCbH
#ApplyDaily #JimmyLai #HongKongExchange
Channelchk
壹傳媒1.12起被聯交所除牌 逾7億港元市值化為烏有 | Channel C
壹傳媒下周四（12日）被除牌！