As of Tuesday’s close, the stock had surged 21,400% to more than $1,600 per share, up from an IPO price of $7.80 on July 15, when it raised $125 million in what was the largest listing by a Chinese company on the New York Stock Exchange this year.
AMTD Digital, which trades under the ticker HKD, is a fully owned subsidiary of AMTD Idea Group (ticker: AMTD), a Chinese investment holding company which has itself gained nearly 200% so far this week.
If it’s just floated, sold some stock in an IPO, then it’s not a fully owned subsidiary, is it?
I find it a bit moronic to use “21,400%”. Percentages are pretty useful when you want to say something is uncertain to within 20%, say, or has increased by 30%. To drag then into 200-fold changes sounds a bit autistic to me.
I dunno, can’t really be bothered this time of an evening – but the listing is of American Depositary Shares, so it’s possible that it is still a fully owned subsidiary, I suppose.
(There’s some local action in Chinese domestic market structure going on anyway – presumably the Party has decided to stick it’s oar in.)