Another little-known Hong Kong-based financial services firm is mystifying investors with a dramatic price surge following its US listing.
Magic Empire Global Ltd (魔力帝國環球), which provides underwriting and advisory services and has helped just one company go public since 2020, surged 2,325 percent in its debut session on Friday in New York to a market capitalization larger than soccer club Manchester United PLC.
Magic Empire is the seventh firm this year from Hong Kong or China to experience similarly surprising moves.
“This price level has clearly shown it is not sustainable,” said Ken Shih (石健), head of wealth management in Greater China