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Hong Kong Investment Bank’s 2,325% Surge Baffles Investors

  • Magic Empire is latest US-listed Hong Kong company to soar
  • Financial services firm has worked on just one IPO since 2020
Updated on

Another little-known Hong Kong-based financial services firm is mystifying investors with a dramatic price surge following its US listing. 

Magic Empire Global Ltd., which provides underwriting and advisory services and has helped just one company go public since 2020, surged 2,325% in its debut session Friday in New York to a market capitalization larger than football club Manchester United Plc. Magic Empire is the seventh firm this year from Hong Kong or China to experience similarly surprising moves.