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Bankers Turned Brief Billionaires, Then Came 89% Crash

  • Founders of Magic Empire saw fortunes rise then fall after IPO
  • Latest Hong Kong stock to show baffling surge on US debut
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Two founders of a little-known Hong Kong investment bank briefly became billionaires in recent days following a baffling stock surge, only to see their paper fortunes quickly tumble when the shares plunged. 

Magic Empire Global Ltd., which provides underwriting and advisory services and has helped just one company go public in two years, soared as much as 6,149% since debuting in the US on Friday, giving it a market value of $5 billion at one point.