AMTD Digital Inc. is a barely profitable financial services firm in Hong Kong. The firm's rise is reminiscent of last year's meme-stock frenzy, but even more mysterious. GameStop Corp. became the hottest stock in the world and a dog-themed joke cryptocurrency gained billions in value.

AMTD’s shares skyrocketed in less than three weeks from their $7.80 initial public offering price to an intraday high of $2,555, an eye-popping jump of more than 32,000%. Unlike other publicly traded financial juggernauts that report hundreds of billions of dollars in revenue each year, AMTD's IPO prospectus lists total sales of just $25 million for the year ended April 2021.

ATMD Digital has fallen by 57%, erasing about $175 billion in market value along the way. Still, that didn't stop the company’s market value from ballooning to $310 billion at Tuesday's close. “I’m not entirely sure what the business model there is, but that hasn’t mattered to the Reddit crowd who are dipping in like piranhas,” said Max Gokhman, chief investment officer at money manager AlphaTrAI Inc.

AMTD Digital was one of Fidelity's most actively traded stocks during the week. The stock has yet to crack 500,000 shares traded on a single day. Trading volumes have also been extremely low for a majority of the past week’s moves. The company doesn’t yet have any options available to be traded.

AMTD Idea Group, which owns roughly 88.7% of AMTD Digital, saw a wave of buying this week. On Friday, just over 50,000 shares changed hands, its sixth straight session of declining volume. The underwriters of its mid-July IPO have decided to exercise their full greenshoe option.
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