English|AMTD Digital's Market Cap Surges 100 times in Two Weeks
文章图片
Image source: China Visual
BEIJING, August 4 (TMTPOST) -- Within two weeks of its listing, the stock price of AMTD Digital, an integrated digital solutions platform in China, has rocketed by more than 100 times, implying a market value higher that of Alibaba.
AMTD got listed on the New York Stock Exchange on July 15, closing at $16.21 on its first day of trading. After four trading days, the stock price suddenly surged 234.65% to $68 on July 22. The stock price soared by 28%, 36%, 134%, 122% and 85% respectively in the five trading days from July 26 to August 1.
On Tuesday, AMTD closed at $1,679, and the highest intraday price was US$2,555.30. Based on the closing price on Tuesday, the total market value of the company soared to US$310.7 billion from US$3 billion at the closing of the listing. Alibaba's U.S. stock market capitalization stood at US$245.3 billion on the same day.
AMTD has become the second largest US-listed Chinese stock after Taiwan Semiconductor Manufacturing Company, whose market cap was $446.3 billion.
【English|AMTD Digital's Market Cap Surges 100 times in Two Weeks】Trading data shows that although AMTD closed more than 100% higher on Tuesday, the turnover rate was only 2.19%. Moreover, AMTD has only 16 million listed shares, accounting for only 8.65% of its total shares
AMTD’s share price has risen dramatically compared to its reasonable value. The fair value of the company's shares, which reaped less than HKD200 million in revenues last year, should be just over US$30 per share as the average price/sales ratio of the industry is about 30 times, according to analyst Nie Zhenbang of Huasheng Securities, Sina Group's Internet brokerage in China.
On Tuesday, AMTD released an open letter to investors, in which it thanked them for their support, but was unable to provide an explanation for the large fluctuations in the stock price and said the company would "closely monitor the market for unusual trading activity or unusual circumstances.”
推荐阅读
- English|Starbucks China's Revenue Falls 40% in Fiscal Q3
- English|Chinese EV Giant BYD Triples Sales to New Record in July
- English|BYD to Sell EVs in Germany and Sweden
- English|EV Battery Giant CATL Reported to Hold off US Plant Schedule Amid Rising US-China Tensions
- English|Pony.ai's Robotaxi Service Available on Cao Cao Travel
- English|Hangzhou to Lend More Mortgage to Family With Three Children
- English|China EV Troika Sees Deliveries Drop Out of Top Three in July
- English|China's Population Expected to Drop Before 2025: NHC
- English|Chinese Domestic Lithium Production Expected to Rise 40% Year-on-Year
- English|Nio's First Overseas Plant to Be Operational in Hungary in September