AMTD Digital issues 'thank you note' to investors as stock trades about 23,650% above IPO price

Dow Jones2022-08-03

MW AMTD Digital issues 'thank you note' to investors as stock trades about 23,650% above IPO price

The U.S.-listed shares of Hong Kong-based investment holding company AMTD IDEA Group $(AMTD)$ skyrocketed 312.5% and subsidiary AMTD Digital Inc. $(HKD)$, a Hong-Kong-based digital solutions applications developer, rocketed 149.6% in very volatile afternoon trading Tuesday, enough to make them the two best performers listed on the New York Stock Exchange. AMTD IDEA shares have been halted once for volatility since the open, while AMTD Digital's stock has been halted 18 times. AMTD Digital's stock is now trading 23,649.5% above its $7.80 initial public offering price in just the 13 trading days since it went public. AMTD Digital's market capitalization has ballooned to $342.64 billion, making it more valuable than 489 of the S&P 500's components. The company issued Tuesday a "Thank you note" to investors and a response to the "significant volatility" in the stock since the IPO. "To our knowledge, there are no material circumstances, events nor other matters relating to our company's business and operating activities since the IPO date," AMTD Digital said in a statement. The company said it was also "monitoring the market closely for any unusual trading activities or abnormalities."

-Tomi Kilgore

$(END)$ Dow Jones Newswires

August 02, 2022 14:40 ET (18:40 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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