Jimmy Lai. Photo: VCG

Hong Kong police detained 15 people for manipulating the stock price of Next Digital, which soared more than 1,100 percent following the arrest of its founder Jimmy Lai last month, the Hong Kong police confirmed to the Global Times on Thursday. 

Next Digital is a Hong Kong media company founded and run by Jimmy Lai, who also publishes the Hong Kong tabloid newspaper Apple Daily. Lai was arrested on August 10 for violating the National Security Law for Hong Kong and colliding with foreign powers in Hong Kong. 

The media company's share saw drastic fluctuation after Lai's arrest. On the day of his arrest, Next Digital's shares surged more than 330 percent, with transactions jumping to more than 410 million shares in the afternoon. On August 11, the price had spiked by more than 1,100 percent compared to the last trading day before the arrest. 

In the next few days, Next Digital plunged more than 40 percent, raising alarm by local regulator Securities and Futures Commission (SFC), which urged investors to exercise "extreme caution."

One of the arrested people has reportedly earned HK$25 million ($3.23 million) from the stock manipulation, according to a report by the South China Morning Post on Thursday.

Global Times