Jimmy Lai's Next Media rockets on sale of Taiwan assets

The price of shares in Hong Kong-listed Next Media rocketed 41 per cent yesterday to their highest level in nearly four years, after media mogul Jimmy Lai Chee-ying said he would sell his newspaper, magazine and television assets in Taiwan for NT$17.5 billion (HK$4.64 billion) in cash.

"The surge in the shares of Next Media is because Lai agreed to sell the Taiwan business, thus he won't need to pump more capital into [that] market," Lyncean Securities managing director Francis Lun Sheung-nim said.

via Business feed http://www.scmp.com/business/companies/article/1064442/jimmy-lais-next-media-rockets-sale-taiwan-assets