Lai’s two sons and four of his executives were also arrested as part of a nearly nine-hour raid by over 200 police officers on the offices of his Apple Daily newspaper. (South China Morning Post)

Talking point: Lai, who has been arrested twice before, is the highest-profile person arrested under the new law, which came into force 40 days ago. The billionaire—an outspoken critic of the Chinese Communist Party and President Xi Jinping—is accused of colluding with foreign powers. His arrest comes as tensions between Washington and Beijing are growing. Last week, the U.S. imposed sanctions on 11 Hong Kong officials; China responded Monday with an equal number on U.S. officials. Stock in Lai’s company closed up 183 per cent as some investors sought to show their support financially. The Foreign Correspondents’ Club, Hong Kong also released a statement calling the newsroom raid a “direct assault” on press freedom.