In what appears to be a GameStop-style retail investor-frenzy, shares in a little-known Asian fintech have soared more than 21,000% since its IPO less than a month ago, making it more valuable than Bank of America.
Hong Kong-based AMTD Digital listed on the Nyse on 15 July at a price of $7.80 a share. In the weeks since, it has seen the price rocket to $1,679, giving it a market capitalisation of more than $310 billion.
The company, a subsidiary of investment holding firm AMTD Idea Group that provides a "comprehensive one-stop digital solutions platform" for the FS sector, made $25 million in revenues last year.
It has become one of the most traded stocks on retail platforms, with its rise compared to the Reddit WallStreetBets frenzy of last year, which saw shares in GameStop and AMC rocket.
However, on the subreddit, posters have taken offence to the idea that they are behind the AMTD Digital price rise, with some speculating that it is in fact a "Chinese scam".
Meanwhile, the company appears to be in the dark, issuing a statement thanking investors but admitting there is no good reason for the surge.
"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."