AMTD Digital to the moon!
AMTD Digital, a little-know fintech company based in Hong Kong, has recently become the latest meme stock in the market. It went public in mid-July on the NYSE with an IPO price equal to $7.80 per share and, after two weeks, it hit the incredible value of $1,679 per share. As a consequence, AMTD’s market cap reached $310 billion, making it bigger than companies like Coca-Cola and Bank of America.
This crazy move surprised the Company itself that issued a “thank you” note to its investors on Tuesday, also specifying that, to their knowledge, there were no material circumstances directly related to the Company’s business that could justify this market movement. AMTD’s main sources of revenues are fees and commissions from digital financial services and its revenues were equal to $25 million at the end of 2021.
As it happened to GameStop in 2021, this wild increase was pushed by retail investors on Reddit, with AMTD’s ticker being the most popular on WallStreetBets chat room on Tuesday.