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AMTD Digital Surges 143%; Company Unaware of Any Material Events After IPO

Dow Jones2022-08-03

By Josh Beckerman

AMTD Digital Inc.'s American depositary shares were trading at more than 230 times their initial public offering price on Tuesday, with a surge continuing after the company discussed the stock activity.

"To our knowledge, there are no material circumstances, events nor other matters" relating to its business and operations since the mid-July IPO, AMTD Digital said early Tuesday.

The ADSs were trading at $1,800, up 143% and compared with the $7.80 IPO price.

The Asia-focused company's operations include financial services, marketing, media and digital investments. It is a unit of AMTD IDEA Group, which has said it is transforming from a traditional-financial-services company by expanding in categories such as the metaverse.

AMTD Digital said ADS trading is still undergoing its initial stabilization period.

The company noted significant volatility in its ADS price since the IPO, and some very active trading volume. The company said it is monitoring the market closely for unusual trading activities or abnormalities.

Write to Josh Beckerman at josh.beckerman@wsj.com

$(END)$ Dow Jones Newswires

August 02, 2022 13:21 ET (17:21 GMT)

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

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AirPocket
·2022-08-03
The amount of bag holders this stock is gonna create will be insane
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