Apple Daily parent company board resigns, plans to liquidate

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The parent company of a defunct pro-democracy paper in Hong Kong, Apple Daily, is liquidating its assets and the board is stepping down, according to a stock exchange filing Sunday.

Next Digital, a publicly traded company, said in an announcement that all members of its board would resign, and that they hoped to liquidate their assets in an effort to pay staff.

"This meant the Company could no longer legally pay Apple Daily's staff, including reporters, and the Company was also banned from paying costs of doing business such as buying ink and keeping the electricity on," the board said in its statement Sunday.

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