Malaysian fintech Treasure Global drops premarket following IPO pop

Magic Empire Global

12/08/2022 11:37

** Shares of Treasure Global Inc  TGL.O  down ~20% at $14.24
before the bell after popping in debut
    ** TGL closed at $17.82 on Thurs, up 345.5% from $4 IPO
price
    ** Co's e-payment application, ZCITY App, launched in
Malaysia in June 2020; as of July 31, 2022 had over 2 mln
registered users and about 2,000 registered merchants, per SEC
filing https://www.sec.gov/Archives/edgar/data/1905956/000157587222000699/cm138_s1a.htm
  urn:newsml:reuters.com:*:nL1N2ZN2HI
    ** TGL among top trending tickers on retail investor-focused
forum Stocktwits.com; it was the 6th most traded stock by
Fidelity's individual investor customers on Thurs
    ** TGL joins dizzying surges by Hong Kong-based fintechs,
including online brokerage platform Top Financial Group  TOP.O ,
Chinese fintech AMTD Digital  HKD.N  and underwriting services
provider Magic Empire Global Limited  MEGL.O , which have listed
in U.S. recently  urn:newsml:reuters.com:*:nL4N2ZK3DE  urn:newsml:reuters.com:*:nL1N2ZH2D3  urn:newsml:reuters.com:*:nL1N2ZA24V

 (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))