Lai used his fortune to bankroll Hong Kong's pro-democracy movement while his tabloid newspaper, Apple Daily, backed liberal causes and never shied away from criticizingLai used his fortune to bankroll Hong Kong's pro-democracy movement while his tabloid newspaper, Apple Daily, backed liberal causes and never shied away from criticizing

Jimmy Lai, Hong Kong tycoon and democratic firebrand who stood up to China

2025/12/15 13:30

HONG KONG – Jimmy Lai, the Hong Kong media mogul and China critic, was found guilty on Monday, December 15, on two counts of conspiracy to collude with foreign forces and one count of sedition under a China-imposed national security law that could see him jailed for life.

The verdict is the latest milestone for a self-made millionaire who refused to be silent after Beijing’s crackdown in the wake of Hong Kong’s 2019 mass protests and continued to warn against the risks of authoritarianism at home and abroad.

Known for his stocky boxer’s build, punchy speech and uncompromising nature, Lai used his fortune to bankroll Hong Kong’s pro-democracy movement while his tabloid newspaper, Apple Daily, backed liberal causes and never shied away from criticizing authorities until it was shut down in 2021 after police raids.

Those raids came after Beijing imposed a national security law in Hong Kong and arrested Lai soon afterward, charging him with collusion with foreign forces and sedition.

Speaking before his arrest, Lai told Reuters he would “fight on til the last day.”

Lai, 78, has been in custody for more than five years, much of it in solitary confinement, and his health has suffered.

A devout Catholic, Lai has been held in a cell with a small window facing onto a corridor, according to his family. Those close to him say his faith has helped steel his fight in court and against the Chinese Communist Party.

Cardinal Joseph Zen, 93, a prominent pro-democracy advocate and leading Catholic cleric, used to visit Lai in jail.

Lai’s rags-to-riches-to-defiance story is emblematic of Hong Kong — a former British colony returned to Chinese rule in 1997 — that has long prided itself on its grit and enterprise, but whose enthusiasm for Western liberal values ultimately proved too much for Beijing.

Early years

A scrappy youth who eked out a living on the streets of Guangzhou in southern China, Lai fled in 1961 to Hong Kong in the hold of a fishing boat. That penniless teenager went on to run his own factory and build the thriving Asian clothing chain Giordano.

The June 1989 killings of pro-democracy protesters by People’s Liberation Army tanks and troops in and around Beijing’s Tiananmen Square marked a watershed, pushing Lai increasingly towards activism and journalism.

He founded a weekly, Next Magazine, in 1990, and after Giordano stores in mainland China were blacklisted in the mid-90s over his activism, Lai sold the business and used the proceeds to launch Apple Daily in 1995.

The feisty tabloid mixed stories about crime with sex scandals, horse racing tips and investigations of Hong Kong and China’s elite to become an instant success.

Lai penned a column that called Li Peng, China’s premier at the time and among those blamed for Tiananmen, the “son of a turtle’s egg,” a highly offensive term. He later called China’s current leader Xi Jinping a “dictator.”

“The more information you have, the more you’re in the know. The more you are free,” Lai said in court.

After taking control of Hong Kong, Beijing promised wide-ranging freedoms and a high degree of autonomy under a “one country, two systems” model of governance. But critics, including Lai, say the ongoing national security crackdown has eroded those pledges.

In 2014, during the “Umbrella Movement” when highways were occupied by protesters for 79 days in a push for full democracy, Lai was among those arrested, although he avoided a jail term.

But in 2019, when millions demonstrated against China’s tightening grip on Hong Kong, state media called him a “force of evil, not a hero for democracy.”

Lai said at the time: “We have to be flexible and innovative and patient — but persist.”

Judge rebukes Lai for saying he’s a ‘political prisoner’

Once listed among Forbes’ 40 wealthiest Hong Kong people with a fortune of HK$1.2 billion ($154 million) in 2008, Lai had his assets and shares in media company Next Digital frozen in 2021, choking off cash flow and leading to its eventual closure.

During his trial, Lai repeatedly referred to himself as a “political prisoner.” This drew a rebuke from one of the judges, who said Lai was in court to face a criminal charge. Lai said he had the right to disagree.

While Lai said his fight for democracy was unlikely to end well for himself, he called the sacrifice an “honor.”

His family, including six children from two marriages, has supported him throughout.

His wife, Teresa, has attended more than 100 days of court hearings. In October, she was photographed with one of the couple’s daughters meeting Pope Leo in St. Peter’s Square in Rome wearing formal black attire as concerns grew about Lai’s health.

“Our father was strong going in, mentally he still is, but physically he is significantly weaker now,” the daughter, Claire, told Reuters. Her father suffered from back and waist pains, diabetes, heart palpitations and blood pressure that was “significantly higher” than a year ago, she said.

“Going to court itself and long trials are hard already, but he was grilled and attacked by both the judges and the prosecution,” Claire added. “All they proved, however, was that my father is a man who loves God, loves truth, loves freedom and loves his family.” – Rappler.com

($1 = 7.7815 Hong Kong dollars)

Market Opportunity
LayerAI Logo
LayerAI Price(LAI)
$0.000144
$0.000144$0.000144
+12.67%
USD
LayerAI (LAI) Live Price Chart
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

Top 3 Cryptos That Could Turn $100 Into $5,000 in 2025 – Including This Meme-to-Earn Token’s Game-Changing Potential

Top 3 Cryptos That Could Turn $100 Into $5,000 in 2025 – Including This Meme-to-Earn Token’s Game-Changing Potential

Discover 3 cryptos with explosive growth potential - Ethereum, Shiba Inu, and MAGAX. Here’s why early investors are eyeing them for 2025.
Share
Blockchainreporter2025/09/18 07:45
Yearn.finance V1 Hacked Again, Losing $300K In Latest Exploit

Yearn.finance V1 Hacked Again, Losing $300K In Latest Exploit

The post Yearn.finance V1 Hacked Again, Losing $300K In Latest Exploit appeared on BitcoinEthereumNews.com. Alarming Breach: Yearn.finance V1 Hacked Again, Losing
Share
BitcoinEthereumNews2025/12/17 10:12
CME Group to Launch Solana and XRP Futures Options

CME Group to Launch Solana and XRP Futures Options

The post CME Group to Launch Solana and XRP Futures Options appeared on BitcoinEthereumNews.com. An announcement was made by CME Group, the largest derivatives exchanger worldwide, revealed that it would introduce options for Solana and XRP futures. It is the latest addition to CME crypto derivatives as institutions and retail investors increase their demand for Solana and XRP. CME Expands Crypto Offerings With Solana and XRP Options Launch According to a press release, the launch is scheduled for October 13, 2025, pending regulatory approval. The new products will allow traders to access options on Solana, Micro Solana, XRP, and Micro XRP futures. Expiries will be offered on business days on a monthly, and quarterly basis to provide more flexibility to market players. CME Group said the contracts are designed to meet demand from institutions, hedge funds, and active retail traders. According to Giovanni Vicioso, the launch reflects high liquidity in Solana and XRP futures. Vicioso is the Global Head of Cryptocurrency Products for the CME Group. He noted that the new contracts will provide additional tools for risk management and exposure strategies. Recently, CME XRP futures registered record open interest amid ETF approval optimism, reinforcing confidence in contract demand. Cumberland, one of the leading liquidity providers, welcomed the development and said it highlights the shift beyond Bitcoin and Ethereum. FalconX, another trading firm, added that rising digital asset treasuries are increasing the need for hedging tools on alternative tokens like Solana and XRP. High Record Trading Volumes Demand Solana and XRP Futures Solana futures and XRP continue to gain popularity since their launch earlier this year. According to CME official records, many have bought and sold more than 540,000 Solana futures contracts since March. A value that amounts to over $22 billion dollars. Solana contracts hit a record 9,000 contracts in August, worth $437 million. Open interest also set a record at 12,500 contracts.…
Share
BitcoinEthereumNews2025/09/18 01:39