Test Hong Kong media group Next Digital says it aims to wind down, board quits

The company's assets were frozen as part of the national security investigation and its shares have been suspended from trading since Jun 17.

In a filing to the Hong Kong bourse late on Sunday, Next Digital said the best interests of shareholders, creditors, employees and other stakeholders will be served by an orderly liquidation.

Ip Yut Kin had tendered his resignation as a non-executive director and chairman, while Louis Gordon Crovitz, Mark Lambert Clifford and Elic Lam have tendered their resignations as independent non-executive directors, the company said.

The company's CEO, who was arrested at the time of the raid related to the security law breach investigation, and its chief financial officer had resigned in July.

Next Digital said it hoped the resignations of the remaining board members will result in liquidators being allowed by the Hong Kong government to authorise payments that directors were banned from approving, including for creditors and for former staff.