Hong Kong tycoon out as Next Digital chairman

Hong Kong media tycoon Jimmy Lai, who was charged earlier this month with colluding with foreign forces under the city's new national security law, resigned as chairman of Next Digital Ltd., the company he founded said in a filing on Tuesday.

Lai, 73, tendered his resignation “in order to spend more time dealing with his personal affairs,” according to the statement. Next Digital said Ip Yut Kin would replace him as chairman.

The pro-democracy activist is currently on bail. Lai is a prominent critic of Beijing and Hong Kong's authorities, while his Apple Daily newspaper has championed the city's protest movement.

Prosecutors in Hong Kong charged Lai earlier this month under the national security law imposed by Beijing in June, saying he had colluded with foreigners by calling for sanctions against China.

The city's High Court later granted Lai bail of HK$10 million (US$1.3 million) on Dec. 23.