Obscure fintech hits $310 billion valuation in GameStop-style surge

Hong Kong-based AMTD Digital went public on the Nyse on July 15 at $7.80 per share. In the weeks since, the price has jumped to $1,679 and his market capitalization has exceeded $310 billion.
The company, a subsidiary of investment holding company AMTD Idea Group, provides a “comprehensive one-stop digital solution platform” for the FS sector, with revenue of $25 million last year.

Compared to last year’s Reddit WallStreetBets frenzy that saw GameStop and AMC Rocket stocks become one of the most traded stocks on the retail platform.

however, subredditthe poster is pissed off at the idea behind AMTD Digital’s price hike, with some speculating that it’s actually a “Chinese scam”.
Meanwhile, the company has issued a statement thanking investors, but has admitted that the surge is not justified, and appears to be in the dark.

“During the period since the initial public offering, we have noticed significant volatility in ADS prices and have also observed very strong trading volumes.

“To the best of our knowledge, there have been no material circumstances, events or other issues related to our business and operations since the IPO date.”