How does a three-year-old Hong Kong fintech company with 50 employees become worth almost four times as much as Goldman Sachs Group Inc. in less than a month? Because stonks go up, duh. AMTD Digital Inc. has risen 14,000% since listing in New York, giving it a market value of more than $470 billion at one point this week and earning comparisons with the poster child of meme stocks, GameStop Corp. AMTD is a very different phenomenon, though.
It’s worth pausing for a minute to appreciate just how insane this is. AMTD Digital started trading July 15 after selling shares at $7.80. At the intraday peak of $2,555.30 on Wednesday, the company would have ranked among the 10 most valuable publicly traded enterprises in the world, based on data compiled by Bloomberg — worth more than Facebook owner Meta Platforms Inc., digital payments behemoth Visa Inc., or the world’s biggest bank, JPMorgan Chase & Co. In the most recent year for which it has reported results, AMTD Digital had $25 million of revenue.