Another Hong Kong-based fintech firm Top Financial nearly doubles

Magic Empire Global

08/08/2022 18:09

** Shares of Hong Kong's Top Financial Group  TOP.O  nearly
double to $20, two months after its IPO
    ** The company, earlier known as Zhong Yang Financial Group,
is an online brokerage platform that raised $25 mln by offering
5 million American Depository Shares at $5 per share on June 3
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    ** The company reported total revenue of $16.9 mln in fiscal
year ended March 31, as per SEC filing (https://bit.ly/3bEB3cc)
    ** About 3.9 mln shares changed hands by 12:55 p.m. ET, ~78%
of its free float
    ** Top joins a surge in shares of other HK-based fintech
firms including advisory and underwriting services provider
Magic Empire Global  MEGL.O , which soars 6.2%
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    ** Chinese fintech AMTD Digital  HKD.N  fell 16.8% after its
stock rose as much as >3,000% in three weeks after its IPO
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    ** Stock up 300% from IPO price

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))