Another mystical Chinese IPO: Magic Empire Global zooms >5,000% in Nasdaq debut

Magic Empire Global

05/08/2022 21:57

** Financial services firm Magic Empire Global Limited
 MEGL.O  skyrockets on Friday in another puzzling China-to-U.S.
new listing
    ** MEGL shares soar as high as $235.95 on Fri; they closed
at $97, up 2,325% from $4 IPO price on roughly 570k shares of
trading volume
    ** Hong Kong-based provider of financial advisory and
underwriting services raised $20 mln by selling 5 mln shares
 urn:newsml:reuters.com:*:nGNX3L9c5k
    ** Operating under the name Giraffe Capital, it generated
$2.2 mln of total revenue for year-ended Dec 2021, according to
a regulatory filing https://www.sec.gov/Archives/edgar/data/1881472/000121390022036125/ff12022a3_magicempire.htm
    ** Magic Empire's debut comes on heels of Chinese fintech
AMTD Digital  HKD.N , which saw its stock soar ~21,000% since
its Jul IPO, in an eye-popping rally fueled by retail investors
this week  urn:newsml:reuters.com:*:nL4N2ZF326

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))