Media tycoon Jimmy Lai on Thursday cautioned people against buying his company's stock now, saying the recent price surge is not sustainable.
The price of Next Digital jumped as much as 1,100 percent after the arrests of the Next Media founder and some executives after some social media messages called for support for the firm.
Lai – making his first weekly live chat on Twitter since being released on bail on suspicion of violating the national security law – said he's overwhelmed by people's support for him and his business.
“Initially when I was arrested, the stock dropped, and then it went like crazy. But I advise nobody should touch it because whenever, you know, don’t buy it because it’s high now, it will drop back," he said.
Lai also said it is a temporary phenomenon and it is not going to last.
"But it just shows that people really support us, it gives us so much support, so much confidence, so much comfort, to be part of this community,” said the tycoon.
Next Digital shares were priced around eight cents on Monday and zoomed to over HK$1 after the arrests and police raid on the Apple Daily building. But on Thursday morning, it has dropped back to around 40 cents.
Lai also said he thinks the rest of the world should be friendly with China, saying confrontations will have a negative impact.
“I totally believe that the world should be friendly with China, the world doesn’t want to confront China because they are so big, confrontation every time with China will be such a negative impact to the world," he said.
He said it is a conflict of values and the "world just wants to change China’s behaviour and attitude in dealing with the international community".