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Little-known stock's 32,000% surge ends with $242 billion drop

The Straits Times LogoThe Straits Times5 mo ago

Little-known stock's 32,000% surge ends with $242 billion drop - The Straits Times

Quick Summary:

August 08, 2022 8:45 AM - The whirlwind trading in an obscure Hong Kong financial business stands out as spectacular.

The company's shares in New York skyrocketed in less than three weeks from their US$7.80 initial public offering (IPO) price to an intraday high of US$2,555, an eye-popping jump of more than 32,000 per cent.

Perhaps even more perplexing, AMTD Digital's IPO prospectus lists total sales of just US$25 million (S$34.6 million) for the year ended April 2021.


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Little-known stock's 32,000% surge ends with $242 billion drop - The Straits Times (Picture 1)

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Article Details

Category: Economy

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-08-08 @ 08:45:41 (5 months ago)

News Timezone: GMT +8:00

Ranking: #395 (out of 2415 stories this day)

News Source URL: straitstimes.com

Language: English

Article Length: 911 words

Reading Time: 6 minutes read

Sentences: 41 lines

Sentence Length: 23 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Straits Times

News ID: 119814

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About The Straits Times

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Main Topics: EconomyBusiness

Official Website: straitstimes.com

Update Frequency: 8 posts per day

Year Established: 1845

Headquarters: Singapore

News Last Updated: 8 hours ago

Coverage Areas: Singapore

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Local / Regional

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #25

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