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This Tiny Firm Just Surpassed Goldman Sachs With a 14,000% Gain

Convoluted ownership structure behind AMTD Digital points to Calvin Choi, an ex-UBS banker who’s fighting an industry ban in Hong Kong.

Calvin Choi in 2018.

Calvin Choi in 2018.

Photographer: Anthony Kwan/Bloomberg
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The world, apparently, has a new financial giant.

AMTD Digital Inc., a Hong Kong-based company that listed in New York less than three weeks ago, has surged so much that the combined market value of its Class A and Class B shares was more than $203 billion as of Wednesday’s close. That means the firm — which develops digital businesses, including financial services — is worth more than Wells Fargo & Co., Morgan Stanley and Goldman Sachs Group Inc., despite reporting just $25 million in revenue for the year ended April 2021.