To The Moon

Hi, tigers! I gonna track meme stocks’ movement every week and inform you of the hottest meme stocks in one week and why did they gain most attention. If you were also interested in meme stocks, follow me and learn the news about short squeeze every Friday! 💖💖

I gonna present you the top gainers/losers in meme stocks this week!

Market manipulation behind China meme stocks mania?

Nate Anderson, the Founder of short seller activist firm Hindenburg Research, believes that market manipulation is the culprit behind the outsized gains of $Zhong Yang Financial Group Ltd(TOP)$, $Magic Empire Global Ltd(MEGL)$ and $AMTD Digital Inc.(HKD)$ .

Since last November, Anderson has been tracking unusual price movements of Chinese and Hong Kong-based companies in a Twitter thread. In the tweet above, he highlights a stream of messages that details a very apparent pump-and-dump scheme.

Risk alert: $Zhong Yang Financial Group Ltd(TOP)$, $Magic Empire Global Ltd(MEGL)$, $AMTD Digital Inc.(HKD)$ , $Huadi International Group Co., Ltd.(HUDI)$ and other China meme stocks are highly risky with low trading volumn. Investors should stay cautious when investing in these stocks.

1. $Zhong Yang Financial Group Ltd(TOP)$ up 1,648.14%

$Zhong Yang Financial Group Ltd(TOP)$ operates in the financial industry and provides a futures brokerage and other financial services through its trading platform.

Shares of TOP rallied for the second day in a row, opening at $69 to hit an early low of $48.60 before soaring to a high of $256.44, up 1,182% from Thursday's close, in late morning trading.

TOP held a $25M initial public offering in June 2022, pricing shares at $5. The Hong Kong-based online brokerage changed its name from Zhong Yang last July. According to Yahoo Finance data, TOP has a stock float of around 5M shares.

2. $Magic Empire Global Ltd(MEGL)$ 238.98%

Magic Empire Global also experienced wild, volatile moves to the upside for unknown reasons.

Magic Empire Global Limited provides initial public offering sponsorship, financial and independent financial advisory, post-listing compliance advisory, and underwriting services to corporations in Hong Kong.

Hong Kong-based Magic Empire (MEGL), which went public through a $20M IPO last August, saw its shares rally as much as 530% Friday to $5.87 after closing below $1 on Thursday.

The stock recently changed hands at $4.78, up 415%, at around 1:00 p.m. ET. According to Yahoo Finance, Magic Empire has a float of around 8M shares.

3. $AMTD Digital Inc.(HKD)$ 23.35%: meme frenzy is back?

 AMTD Group is a Hong Kong headquartered Asia conglomerate with core business portfolio to span across financial services, media and culture, education and training, and premium assets and hospitality.

L'Officiel Singapore Pte. Ltd., formerly known as AMTD Digital Media Solutions Pte. Ltd., has received permission from the Singapore Registrar of Newspapers to publish "LA REVUE DES MONTRES" magazine.

AMTD IDEA Group and AMTD Digital Inc. are working with their allies and business partners to launch a refreshed and unique range of L'Officiel products in Singapore under one global IP, media platform, and rollout plan.

4. $First Republic Bank(FRC)$ -75.39%: will go bankcrupt after disappointing earnings?

$First Republic Bank(FRC)$ plummeted to an all-time low in Tuesday’s trading session. The price per share hit an all-time low of $2.98.

It was driven by the latest earnings. Although the bank’s EPS in the first quarter topped analysts’ estimates, its deposit flight was worse than what analysts had estimated, plunging 41% to $104.5 billion, missing the estimates of $145 billion.

The bank suspended its dividend and its shares continued to slump, raising speculation about the bank's future as a stand-alone institution. Despite reports of discussions led by JPMorgan chief Jamie Dimon aimed at bolstering First Republic's capital, selling has persisted.

5. $Bed Bath & Beyond(BBBY)$ -45.31%: continue to dip after it announced bankruptcy

$Bed Bath & Beyond(BBBY)$ — founded in 1971 and went public in 1992 — will eventually close all its retail stores. From $81 a share in 2014 to $0.1 yesterday, BBBY stock has lost almost all of its value.

$Bed Bath & Beyond(BBBY)$ failed to raise $300 million by April 26 to avoid bankruptcy. As a result, the retailer with 52-year history filed for bankruptcy.

If you own BBBY stock, you will likely take a loss. Simply put, bankruptcy is unlikely to leave any cash for shareholders.

However, some investors are betting on a dead cat bounce.

 Which meme stock is in your watchlist?

How do you view China meme stocks mania?

Will FRC go bankrupt?

Leave your thoughts in the comment section!