Why AMTD Idea Group Stock Skyrocketed Today
Shares of AMTD Idea Group (NYSE: AMTD) soared on Tuesday as the Hong Kong-based company appeared to capture the fancy of investors. By the close of trading, AMTD's stock price was up a staggering 236% after surging as much as 520% earlier in the day.
AMTD Idea Group is an investment holding company. Its operations span investment banking, asset management, and strategic investments. The torrid gains in its share price appear to be related to a massive rally in the stock price of one of its subsidiaries: AMTD Digital (NYSE: HKD).
AMTD Digital conducted its initial public offering (IPO) on the New York Stock Exchange in mid-July at a price of $7.80 per American depositary share (ADS). The digital solutions platform raised roughly $125 million from its stock sale.
Source Fool.com
