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Shares of under-the-radar Hong Kong fintech company AMTD Digital continued to swing wildly in volatile trading on Wednesday after a more than 21,000% run up since its IPO last month, and although it’s still unclear what’s sparking the wild price action, many are likening it to the meme-stock frenzy of early 2021.


Shares of AMTD Digital have skyrocketed rising more than 1,500% over the last five trading days and up 125% on Tuesday alone as trading was halted several times for volatility, though the stock fell back to earth on Wednesday, declining 35%.

As of Tuesday’s close, the stock had surged 21,400% to more than $1,600 per share, up from an IPO price of $7.80 on July 15, when it raised $125 million in what was the largest listing by a Chinese company on the New York Stock Exchange this year.

AMTD Digital, which trades under the ticker HKD, is a fully owned subsidiary of AMTD Idea Group (ticker: AMTD), a Chinese investment holding company which has itself gained nearly 200% so far this week.

In a statement earlier this week, AMTD Digital thanked investors for the successful IPO but admitted “to our knowledge, there are no material circumstances, events nor other matters relating to our Company’s business and operating activities” that explain the run-up of the stock price.

Comparisons are being drawn to meme stocks that gain a cult-like following of investors who collectively influence the price of shares, but it’s unclear if that’s the case here: “It’s a combination of a few things—a small float, some likely short interest and now the meme stock angle,” explains Brendan Ahern, chief investment officer at China-focused ETF provider KraneShares.

A quick glance at popular forums such as Wall Street Bets show that up until a few days ago, the stock was relatively unheard-of for many retail investors, many of which issued warnings to others about AMTD Digital’s low revenue and sky-high valuation.