Just to underscore the absurdity of this whole thing, the company released a statement basically shrugging that their extreme turn of fortune.

"To our knowledge, there are no material circumstances, events nor other matters relating to our company's business and operating activities since the IPO date."

LOL.

The source, it seems, is a bunch of traders on the famous (or notorious, depending on your perspective) WallStreetBets subreddit that executed a hedge-fund-destroying short squeeze in early 2021 when it piled into GameStop, AMC and other stocks they believed were undervalued.

Speculation is firmly on the Reddit crowd, but even some of those investors appeared befuddled by the surge.

According to Bloomberg, some analysts are pointing to the AMTD's low free float, which makes it easier for big shareholders to push up the price.

*

"Given the speed of its ascent, I have a feeling this one will nosedive," Oktay Kavrak, director at Leverage Shares told Bloomberg. "I hope investors take profits along the way as the inevitable crash will send HKD back to relative obscurity."

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Just to underscore the absurdity of this whole thing, the company released a statement basically shrugging that their extreme turn of fortune.

"To our knowledge, there are no material circumstances, events nor other matters relating to our company's business and operating activities since the IPO date."

LOL.

The source, it seems, is a bunch of traders on the famous (or notorious, depending on your perspective) WallStreetBets subreddit that executed a hedge-fund-destroying short squeeze in early 2021 when it piled into GameStop, AMC and other stocks they believed were undervalued.

Speculation is firmly on the Reddit crowd, but even some of those investors appeared befuddled by the surge.

According to Bloomberg, some analysts are pointing to the AMTD's low free float, which makes it easier for big shareholders to push up the price.

*

"Given the speed of its ascent, I have a feeling this one will nosedive," Oktay Kavrak, director at Leverage Shares told Bloomberg. "I hope investors take profits along the way as the inevitable crash will send HKD back to relative obscurity."

Enjoying Nightcap? Sign up and you'll get all of this, plus some other funny stuff we liked on the internet, in your inbox every night. (OK, most nights — we believe in a four-day work week around here.)