Taiwan: Businesses 'risky' after Hong Kong halts Next Digital trading; freeze Lai's assets

Taiwan on Sunday warned that there are now surging risks for monetary investments and businesses in Hong Kong after authorities froze assets for the billionaire pro-democracy tycoon Jimmy Lai under Beijing’s draconian national security law. Trading for Lai’s Next Digital shares was abruptly halted by the Hong Kong stock exchange after the publishing company of the pro-democracy tabloid ‘Apple Daily’ found that the Hong Kong government had suspended its stocks, Next Digital said in a company filing, earlier yesterday. Hong Kong’s international finance hub, according to multiple reports, resort to the financial crackdown on China’s dissent Lai as he appeared in court Monday, along with 9 other prominent pro-democracy figures, to plead guilty for charges of illegal assembly and protests against Beijing’s policies on China’s national day on Oct. 1, 2019. The 73-year-old and the founder of the controversial Apple Daily newspaper was sentenced in April to at least 14 months in prison over two separate unauthorized protests after he was arbitrarily arrested by the Hong Kong police for his anti-government stance. Lai opposed China’s extradition bill that, he said, was in breach of policies as it provided Beijing leeway to extradite the protesting Hong Kongers to mainland China to stand trial, the bill, however, was later withdrawn. China imposed National Security Law to tighten its control over Hong Kong and quell the pro-democracy movement. The draconian law criminalizes secession, subversion, terrorism, and foreign collusion, and Lai was detained and probed by the national security department for foreign collusion. #Taiwan stands with democracies around the world in the face of authoritarian expansion. As long as we work together, our shared values of freedom, human rights & the rule of law will prevail. #CDS2021 pic.twitter.com/9pRVw4HR3r — 蔡英文 Tsai Ing-wen (@iingwen) May 10, 2021 'Businesses under threat' due to controversial law Taiwan's Mainland Affairs Council, on Sunday, lambasted Hong Kong’s freezing of Lai’s assets saying that the move determined the risks that come with investing in businesses in Hong Kong; and were obviously visible to international community. It continued, that Hong Kong’s actions highlighted Beijing’s National Security Law's threats in statements issued and accessed by Taiwanese state broadcasters. Hong Kong jitters business sentiments of the potential investors by suppression of stakeholders, business entities and exercising oppression of businesses and large shareholder under National Security Law, Taiwan's Mainland Affairs Council, noted. Following the assets freeze, and declaring a national security offense for the business tycoon, Hong Kong’s government issued statement, stating: “Relevant persons and organizations must not, directly or indirectly, deal with certain property which is reasonably suspected to be related to offenses endangering national security.”

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Taiwan: Businesses 'risky' after Hong Kong halts Next Digital trading; freeze Lai's assets

Trading for Lai’s Next Digital shares was halted by the Hong Kong stock exchange, a move that Taiwan said highlights Beijing’s National Security Law threats.

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