Li Ka-shing’s conglomerate disavows meme stock AMTD Digital after 14,000% surge.
Hong Kong tycoon Li Ka-shing’s CK Hutchison Holdings has distanced itself from AMTD Digital after the meme stock’s value surged to more than $200bn since listing in July.
After pricing its American depositary receipts at $7.80 for its New York listing, the Hong Kong-based digital bank’s stock has risen more than 14,000 per cent and closed Wednesday’s session at $1,100.
The rally has pushed AMTD Digital’s market capitalisation to more than $203bn, easily surpassing Wall Street investment banks such as Morgan Stanley ($149bn) and Goldman Sachs ($119bn).
There was no apparent trigger for the surge, which drew comparisons to the “meme stock” trading frenzy in 2020 and 2021. AMTD Digital’s ticker HKD was one of the most mentioned on Reddit’s WallStreetBets chatroom this week, according to data from Quiver Quantitative.
In a statement on Tuesday, AMTD Digital “expressed its appreciation of support from the investor community”, but said there had been no material change in circumstances or events relating to its business operations.
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whqqq : It is said that its market value has even surpassed Alibaba and Tencent, as well as many technology giants. Great stock.
