Investing
Obscure US-Listed China Stock Soars 520% as Retail Army Piles In
Company was the most-bought stock on Fidelity’s trading platform Tuesday
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Hong Kong-based financial services provider AMTD Idea Group surged as much as 520% Tuesday, triggering multiple trading halts, as small-time traders piled into the latest retail craze.
The move follows a mega rally from its subsidiary AMTD Digital, which is up more than 21,000% from its mid-July initial public offering price of $7.80. At one point Tuesday, its market value rose above $400 billion, with the bulk of that coming from its Class B shares, which aren’t publicly traded. That’s bigger than Exxon Mobil Corp. and Walmart Inc., and comes from a company that reported $25 million in revenue last year.