A Taiwanese government agency commented on the decision by Hong Kong authorities to freeze media tycoon Jimmy Lai’s assets, adding that the move threatened international businesses in the city.
Taiwan’s Mainland Affairs Council said that the asset seizure highlighted the threat that property in Hong Kong faced from the national security law, according to a «Reuters» report citing a statement.
«It is equivalent to announcing to the international community that Hong Kong's business risks are increasing,» the council said.
Frozen Assets
Jimmy Lai – founder of Next Digital which owns popular local pro-democracy newspaper Apple Daily – had his assets frozen by Hong Kong authorities last Friday and faces three charges under the national security law, including collusion with a foreign country.
According to a statement from the city’s Secretary for Security John Lee, assets frozen include the local bank accounts of three companies he owns and 71.26 percent stake in Next Digital, valued at around HK$350 million ($45 million) as of Friday’s closing price.
Next Digital Shares
This is not the first time that Next Digital’s listed shares have been spotlighted over political issues.
Last year, police arrested Lai, his sons and several executives which sparked an unprecedented rally amongst multiple media stocks, including a 12-fold surge in Next Media’s share price.
According to a statement from Next Digital chief executive Cheung Kim-hung, Lai's frozen assets were unrelated to the firm with its operations and finances unaffected.
Hub Status Under Fire
Taiwan’s Mainland Affairs Council marks the latest entity to warn about the prospects of Hong Kong’s hub status due to the national security law.
Others have made similar comments, including the American Chamber of Commerce in Hong Kong and a Canadian envoy.
«We also once again call on relevant parties to stop suppressing Hong Kong democrats, otherwise they will drift away from popular sentiment,» the Taiwanese council added.
