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Tiny IPO Spikes 1,150% in US Debut in Wake of AMTD Digital

  • Hong Kong’s Magic Empire provides underwriting services
  • China, Hong Kong IPOs in US in 2022 are seeing wild swings
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For the seventh time this year, a tiny US listing by a company based in China or Hong Kong is seeing a wild price surge after its initial public offering.

This time, it’s Hong Kong’s Magic Empire Global Ltd.. climbed 2,325% above its $4 IPO price to close at $97 in its debut session Friday. It’s the latest in a string of similar moves that includes AMTD Digital Inc. -- the firm that became bigger than Goldman Sachs after surging by 14,000%.