On Friday, AMTD Digital announced that the underwriters of its mid-July IPO had decided to exercise their full greenshoe option. It too saw a wave of buying this week, soaring as much as 520% on Tuesday alone. That firm, which is part of the larger AMTD Group umbrella, owns roughly 88.7% of AMTD Digital’s outstanding shares. and Bank of America Corp.ĪMTD FamilyAMTD Digital’s frenetic moves also led to extreme volatility in the shares of one of its parent companies, AMTD Idea Group.

Still, that didn’t stop the company’s market value from ballooning to $310 billion at Tuesday’s close, making it larger than industry stalwarts like Goldman Sachs Group Inc. Perhaps even more perplexing, unlike other publicly traded financial juggernauts that report hundreds of billions of dollars in revenue each year, AMTD’s IPO prospectus lists total sales of just $25 million for the year ended April 2021. In a move that has puzzled the financial community, the company’s shares skyrocketed in less than three weeks from their $7.80 initial public offering price to an intraday high of $2,555, an eye-popping jump of more than 32,000%. a barely profitable financial services firm - is a tale that, while reminiscent of last year’s meme-stock frenzy, is even more mysterious. become the hottest stock in the world and a dog-themed joke cryptocurrency gain billions in value, the whirlwind trading in an obscure Hong Kong financial business stands out as spectacular. Even after a retail frenzy that saw GameStop Corp.

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