Red button meme ignore2/20/2023 Fortune sought to contact the company, but emails and calls were not immediately answered.Ī look at its website reveals little of its business model. Total income-generating assets on its balance sheet barely broke the $400 million mark as of March according to SEC filings, a minnow in the world of high finance. There’s seemingly no justification whatsoever for that kind of market cap. Needless to say, this was an impressive performance for a company that sold 16 million shares at $7.80 each in mid-July, which gave it a market cap of around $1 billion. It started when the American Depository Share (ADS) with the ticker code HKD gapped at the open, vaulting 25% over the previous closing price just as trading began before going on to hit an intraday high at $2,555.Īt its peak it more than tripled in value and reached a market cap of over $450 billion, more than Facebook parent Meta or Chinese online retailing giant Alibaba.Īnd it did so on a daily volume of just 350,500 shares, according to data from Yahoo Finance, its lowest since the ADS began trading and far below the 1.2 million that had been traded on average.Įven if it has now shed a quarter of its value on Wednesday, it's still worth around $240 billion, making it more valuable than Toyota, Nike, McDonald’s, or Walt Disney. That’s the question many investors are asking themselves after an unknown company out of Hong Kong managed to join the ranks of the global megacaps worth around a half-trillion dollars on Tuesday. What in the world is AMTD Digital, and who is behind it?
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