Bankers Turned Billionaires for an Instant, Then Came 89% Crash

Bloomberg2022-08-10

Founders of Magic Empire saw fortunes briefly rise after IPOLatest Hong Kong stock to show baffling surge on US debutTwo founders of a little-known Hong Kong investment bank briefly became ...

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Koyuki
·2022-08-11
ah dont want to cash out.
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喜慶吉祥好運
·2022-08-10
Up & down🎢appeared & disappeared like magic😱🤕
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blessed_1
·2022-08-10
[Gosh]
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Pluto891
·2022-08-10
cash out ..
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Pepermintpat
·2022-08-10
Wow!
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Chen, the firm’s chief executive officer and Chan’s former university classmate, was an auditor at KPMG before joining Guotai Junan Capital Ltd.The two, both 41 as of the Aug. 4 IPO prospectus, believed there was a lack of corporate-finance advisers for small and medium-sized companies in Hong Kong and created Giraffe Capital Ltd., Magic Empire’s operating entity. The name was inspired by Chan’s son, who loves the animal, Chan said during an interview at the Hong Kong Institute of Certified Public Accountants last year.Chan holds a 36.8% stake in the company, while Chen owns 26.3%.A representative for Magic Empire declined to comment on the share performance and the founders’ wealth.Last week, AMTD Digital Inc. briefly became bigger than Goldman Sachs Group Inc. and almost all of the world’s financial firms despite reporting revenue of just $25 million for the year ended April 2021. At least five other companies, including Ostin Technology Group Co., Golden Sun Education Group Ltd. and Intelligent Living Application Group Inc., have posted intraday gains of 395% or more on their first day of trading.“These volatile stocks have several elements in common: poor liquidity and small market value before the surges,” said Kenny Ng, a strategist at Everbright Securities International in Hong Kong. “Investors should avoid the overspeculation as the current unrealistic price has gone too far from the financial fundamentals.”","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9907400460,"gmtCreate":1660226677252,"gmtModify":1703491676135,"author":{"id":"3581996831314825","authorId":"3581996831314825","name":"Koyuki","avatar":"https://static.tigerbbs.com/30e01f5669c54a7e18128188a9718cfc","vip":1,"crmLevel":1,"crmLevelSwitch":1,"idStr":"3581996831314825","authorIdStr":"3581996831314825"},"htmlText":"ah dont want to cash out.","listText":"ah dont want to cash out.","text":"ah dont want to cash out.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9907400460","repostId":2258266629,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9907997387,"gmtCreate":1660121918852,"gmtModify":1703478143729,"author":{"id":"4098522127473930","authorId":"4098522127473930","name":"喜慶吉祥好運","avatar":"https://community-static.tradeup.com/news/5083d220f7325633a1da1ad24c3b58d8","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"4098522127473930","authorIdStr":"4098522127473930"},"htmlText":"Up &amp; down🎢appeared &amp; disappeared like magic😱🤕","listText":"Up &amp; down🎢appeared &amp; disappeared like magic😱🤕","text":"Up & down🎢appeared & disappeared like magic😱🤕","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9907997387","repostId":2258266629,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9907076144,"gmtCreate":1660116578192,"gmtModify":1703478104777,"author":{"id":"4112410321254552","authorId":"4112410321254552","name":"blessed_1","avatar":"https://community-static.tradeup.com/news/71622697830d9517eb67a61917d8a95f","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":4,"crmLevelSwitch":1,"idStr":"4112410321254552","authorIdStr":"4112410321254552"},"htmlText":"[Gosh]&nbsp;","listText":"[Gosh]&nbsp;","text":"[Gosh]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9907076144","repostId":2258266629,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9907046071,"gmtCreate":1660114611995,"gmtModify":1703478087975,"author":{"id":"3581937910767045","authorId":"3581937910767045","name":"Pluto891","avatar":"https://static.tigerbbs.com/c9963f2ef3d3ad2aff28340461d3d6d0","vip":1,"crmLevel":2,"crmLevelSwitch":1,"idStr":"3581937910767045","authorIdStr":"3581937910767045"},"htmlText":"cash out ..","listText":"cash out ..","text":"cash out ..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9907046071","repostId":2258266629,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9907040813,"gmtCreate":1660113850134,"gmtModify":1703478080528,"author":{"id":"4109504542406510","authorId":"4109504542406510","name":"Pepermintpat","avatar":"https://community-static.tradeup.com/news/0804feddbf156f8e808003b7ca831628","vip":1,"hat":"https://static.tigerbbs.com/0a8758340a08196056f8bc1e54805193","crmLevel":3,"crmLevelSwitch":1,"idStr":"4109504542406510","authorIdStr":"4109504542406510"},"htmlText":"Wow!","listText":"Wow!","text":"Wow!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9907040813","repostId":2258266629,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":75,"commentSize":5,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false}}