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AMTD Digital stock soars since the Chinese stock's July IPO

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AMTD Digital, a Chinese tech firm, is seeing its shares soar ever since its IPO last month.

Video Transcript

[MUSIC PLAYING]

RACHELLE AKUFFO: All right, on Triple Play, I'm tracking movements of AMTD which jumped more than 400% during intraday trading and were briefly halted this afternoon. But as you can see, still up there more than 160%.

Now, the Hong Kong-based investment firm is known for being volatile. But the volume of shares changing hands jumped 90 times its three month daily average. So this is one to watch here, potentially as a meme stock. And this does come as its subsidiary, AMTD Digital trading is HKD, they listed in the US just two weeks ago and became the largest IPO of a Chinese company in New York this year, up 1,000% since July 15.

Now, this is AMTD's metaverse play. They want to create a digital ecosystem for its financial operations and its intellectual property. Now, this post IPO rollercoaster, though, still looking risky. About this volatility, AMTD issuing a statement saying, 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. So not a good sign if the company itself doesn't know what's moving the stock here, Seana.

SEANA SMITH: Yeah, Rachelle, I was gonna say, it always makes you a little bit nervous if the company willingly comes out and says, that there really should-- is no reason why we're seeing so much interest in this play right now. Data from Fidelity saying that it is today's top traded stock among its customer base.

The pattern here certainly makes you think of some of those meme plays when some of those retail traders favorite plays over the last couple of months, couple of years, I guess, we can say at this point. So I don't know. Well, I think if you're buying into this thing, you've got to be ready for a pretty wild ride here.