Hong Kong tycoon Li Ka-shing’s CK Hutchison Holdings has distanced itself from AMTD Digital after the meme stock’s value surged to more than $200bn since listing in July.
After pricing its American depositary receipts at $7.80 for its New York listing, the Hong Kong-based digital bank’s stock has risen more than 14,000 per cent and closed Wednesday’s session at $1,100.
The rally has pushed AMTD Digital’s market capitalisation to more than $203bn, easily surpassing Wall Street investment banks such as Morgan Stanley ($149bn) and Goldman Sachs ($119bn).
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