Hong Kong-based fintech stocks retreat after stunning rally

Magic Empire Global

09/08/2022 14:22

** Shares of U.S.-listed Hong Kong stocks slide premarket  
    ** Fintech firms Magic Empire Global  MEGL.O  down 23%,
while Top Financial Group  TOP.O  down 9% and Chinese co AMTD
Digital  HKD.N  down 4% 
    ** In a rally fueled by retail investors earlier this month,
AMTD had risen to $2,555.30 on Aug. 2 since its July IPO when it
listed at a price of $7.80; shares plunged 44% on Monday, adding
to a string of recent losses  urn:newsml:reuters.com:*:nL4N2ZF326
    ** HK's Magic Empire rose 21% on Monday, while TOP more than
doubled, rising about 103%  urn:newsml:reuters.com:*:nL4N2ZK1XX  urn:newsml:reuters.com:*:nL4N2ZK3DE

 (Reporting by Anisha Sircar in Bengaluru)
 ((Anisha.Sircar@thomsonreuters.com;))