AMTD Digital issues 'thank you note' to investors as shares trade around 23,650% above IPO price

Shares of AMTD Digital Inc.

blasted 241.4% higher in very volatile afternoon trade on Wednesday, putting them on course to snap an eight-day losing streak, although the Hong Kong-based company did not release any news. The stock was halted 11 times on volatility from Wednesday’s open as trading volume swelled to around 892,800 shares, compared to the full-day average over the past 30 days of just 37,440 shares. The rally comes after the stock has tumbled 61.6% over the past eight days and 75.1% during a 14-day period in which it closed down 13 times to close Tuesday at a two-month low. The latest news release from the company was on August 30, when it appointed two new independent directors to its board. The company got up well known to investors in late July/early August after a meteoric rally that sent shares up more than 8,000% in eight days despite a lack of news of the fallout. The shares went public on July 15. Despite Wednesday’s rally, shares were still down 18.3% over the past month, while the iShares China Large-Cap ETF

has lost 6.0% and the S&P 500

was down 4.0%.

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