Hong Kong media mogul Jimmy Lai denied bail in fraud case

Shares of Next Digital, which have been on a roller-coaster ride this year — they’ve hit record lows and 12-year highs in 2020 — were halted from trading in Hong Kong Thursday. They last traded at HK$0.23, down 10% for the year.

Lai’s arrest comes on the heels of another prominent activist, Joshua Wong, being sentenced for more than a year in jail for leading a protest outside of police headquarters last year. The moves represent the latest setbacks for the anti-Beijing movement that paralyzed the Asian financial hub last year. The turmoil prompted China to push through a national security law for the city, giving local authorities broad powers to silence critics.