Apple Daily parent company board resigns, plans to liquidate

Sunday, September 5, 2021 | Huizhong Wu, Associated Press

TAIPEI, Taiwan (AP) — The parent company of a defunct pro-democracy paper in Hong Kong, Apple Daily, is liquidating its assets and the board is stepping down, according to a stock exchange filing Sunday.

Next Digital, a publicly traded company, said in an announcement that all members of its board would resign, and that they hoped to liquidate their assets in an effort to pay staff.

The company's shares had been stopped from trading since June and its bank accounts had been frozen. Its most well-known product, Apple Daily, was forced to shut down that month by authorities after five of its editors and executives were arrested as part of a national security investigation.

“This meant the Company could no longer legally pay Apple Daily’s staff, including reporters, and the Company was also banned from paying costs of doing business such as buying ink and keeping the electricity on,” the board said in its statement Sunday.

They added that they hoped liquidators will be allowed by the Hong Kong government to “authorize payments that directors were banned from approving, including for creditors and for former staff.”

The four board members who will resign are: Chairman Ip Yut Kin, Mark Lambert Clifford, Louis Gordon Crovitz and Lam Chung Yan. Their resignations will be effective by 11:59 p.m. local time Sunday, according to the announcement.

Next Digital was founded by tycoon and pro-democracy activist Jimmy Lai. The company publishes a magazine as well as an Apple Daily in Taiwan. Hong Kong's Apple Daily was the company's main paper, growing into an outspoken voice for defending the financial capital's freedoms that were not found in mainland China. On its last day, the paper sold all one million copies.

Lai was arrested by Hong Kong police last year and is currently serving a sentence of 20 months.

Should you invest $1,000 in Apple right now?

Before you consider Apple, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Apple wasn't on the list.

While Apple currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The 5 Stocks Here


MarketBeat - Stock Market News and Research Tools logo

MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. Whether you’re looking for analyst ratings, corporate buybacks, dividends, earnings, economic reports, financials, insider trades, IPOs, SEC filings or stock splits, MarketBeat has the objective information you need to analyze any stock. Learn more about MarketBeat.

MarketBeat is accredited by the Better Business Bureau

© American Consumer News, LLC dba MarketBeat® 2010-2021. All rights reserved.
326 E 8th St #105, Sioux Falls, SD 57103 | U.S. Based Support Team at [email protected] | (844) 978-6257
MarketBeat does not provide personalized financial advice and does not issue recommendations or offers to buy stock or sell any security.

Our Accessibility Statement | Terms of Service | Do Not Sell My Information

© 2021 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer. Fundamental company data provided by Zacks Investment Research.