Li Ka-Shing Distances Himself From AMTD After Meteoric Stock Surge Baffles Investors

Hong Kong billionaire Li Ka-shing’s CK Hutchison Holdings Ltd. is seeking to distance itself from a little-known company, whose U.S.-listed stock experienced a mysterious mega rally this week, leaving investors dumfounded.

Shares of AMTD Digital Inc. — a Hong Kong financial services company that made its debut on the New York Stock Exchange just a few weeks ago — surged more than 320 times from their IPO price of $7.80 to a high of $2,555.30 on Tuesday. They pared back those gains to trade at $1,100 at Wednesday’s close, giving the company a market capitalization of $203.5 billion.