Hong Kong media mogul Jimmy Lai, who has been charged with foreign collusion under the controversial national security law, will continue to remain in custody after a court decided to adjourn his bail ruling.

The decision was taken by the Court of Final Appeal on Monday, reports Xinhua news agency.

Monday's development comes nearly two months after Lai, the founder of Apple Daily newspaper who is a fierce critic of China's authorities, was granted bail and was placed under house arrest.

He was also ordered to pay a $1.3 million bond.

The 73-year-old became the most high-profile person to be charged under the national security law, which was enacted on the city by China on June 30, 2020, to ban acts of secession, subversion, terrorism and collusion with foreign forces He had appeared in West Kowloon Magistrates' Courts for trial on December 3 and 12, 2020 respectively.

The two cases were adjourned and Lai's bail applications were rejected.

One of the city's most prominent supporters of the pro-democracy movement, Lai is estimated to be worth more than $1 billion.

Having made his initial fortune in the clothing industry, he later ventured into media and founded Next Digital, the parent company of Apple Daily - a tabloid that is critical of the mainland Chinese leadership.