Hong Kong Tech Firm ‘Thanks’ Investors After Shares Soar Over 6000% From IPO

AMTD Digital Inc. – a comprehensive one-stop digital solutions platform headquartered in Asia – is making headlines across trading desks.

HKD ADSs started trading at $13.00 on 7/15 and traded above $900 yesterday.

That is a return of over 6700% in two weeks.

Here is that price action…

And here on a log scale…

In fact the ADS were issued at $7.80, which makes the return even more dramatic.

This crazy price action has prompted the company to issue a press release.

First the company thanked ‘investors’:

AMTD Digital Inc. expressed its appreciation of support from the investor community for the successful completion of its initial public offering

Then it addressed the chaos:

During the period since our initial public offering, the Company noted significant volatility in our ADS price and, also observed some very active trading volume. To our knowledge, there are no material circumstances, events nor other matters relating to our Company’s business and operating activities since the IPO date. The Company is also monitoring the market closely for any unusual trading activities or abnormalities.

And if you want to short it – good luck finding (and funding) the borrow…

$HKD 1000% + BORROW FEES TO SHORT $HKD + NO SHARES AVAILABLE JUST INSANE. pic.twitter.com/gx5sFQz8if

— Gurgavin (@gurgavin) August 1, 2022

Bloomberg reports that retail traders are likely contributing to the outsized gains, with the stock among the most bought assets on Fidelity’s platform on Friday.