It took just two days for the value of an obscure Hong Kong financial services firm to exceed $300bn. Even after the capitalisation of New York-listed AMTD Digital halved to the Thursday close, it was higher than that of Goldman Sachs.
It will take more than meme traders exuberance to keep the surge going.
Only one thing is notable about AMTD Digital, which develops financial services technology for online businesses. It has a link to Li Ka-shing, Hong Kong’s richest man. CK Group, the conglomerate he controls, holds around 4 per cent of the owner of AMTD Digital, the privately held AMTD Group.
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