Hong Kong-based fintech firms tumble after dizzying rally


Source: channelnewsasia.com channelnewsasia.com

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Hong Kong-based fintech firms AMTD Digital, Magic Empire Global and Top Financial Group tumbled on Tuesday after a meteoric rally this month that was reminiscent of last year's meme-stock frenzy. The obscure companies have recorded eye-watering gains just days after their U.S. market debuts, with AMTD Digital climbing to as high as $2,555.30 last week from its debut price of $7.80 in July. At its peak, the company's market valuation dwarfed that of Facebook-owner Meta Platforms. On Tuesday, AMTD Digital was down 45 per cent at $221. Online brokerage Top Financial was trading 14 per cent lower at $17.70, a...