Hong Kong Tycoon Jimmy Lai Steps Down From Next Digital Helm
- Lai charged with endangering national security under new law
- Shares of Next Digital jump 25% in show of support for founder
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Hong Kong media tycoon Jimmy Lai, who is facing charges of endangering national security in a sweeping crackdown by Beijing on the city’s pro-democracy protesters, resigned as chairman of Next Digital Ltd. ahead of a crucial bail hearing.
Lai, 73, tendered his resignation “in order to spend more time dealing with his personal affairs,” according to a statement from the media group he founded three decades ago. He also stepped down from the position of executive director. Next Digital said Ip Yut Kin would replace him as chairman.