This lesser-known stock rises 32,600% in two weeks before dropping to half

Multibagger return over a long period is true wealth creation but in an ultrashort term, they are nothing short of a miracle. One such example is the little-known AMTD Digital.

Hong Kong-based AMTD Digital made its debut in New York on July 15 followed by a colossal rally which took its market cap higher than global giants, including Walmart, Procter and Gamble, JP Morgan and others.

The stock zoomed a whopping 32,600 per cent from its issue price of $7.8 to hit a record peak of $2,555 on Tuesday. However, the stock settled at $1,100 on Wednesday, which is still 14,500 per cent above the given issue price.

This jaw-dropping return comes at a time when global investors are facing a string of pessimistic news such as geopolitical worries, war crisis, inflation, and recession among others.

Also, the free float of the company is very limited at nearly 19 million shares, adding more to the frenzy. The company has recently entered metaverse space with its own digital universe named 'AMTD Spidernet'.

AMTD Digital is a one-stop digital solutions platform in Asia with businesses spanning multiple verticals, including digital financial services, digital media, content & marketing, SpiderNet ecosystem solutions, and digital investments.

With a stellar rise in the stock, it became the 13th most valued company in the world. It also raced past the global behemoths such as Nestle, Samsung, Bank of America, Coca Cola and Alibaba.

Interestingly, at its peak, its market cap was more than double the likes of Adobe, Walt Disney, Accenture, McDonald's, Cisco, Nike, Verizon and more.

AMTD Digital provides loans and services to startups in exchange for fees. The company had generated only $25 million in revenue for the year ended April 2021, according to a regulatory filing.

In response to this stellar rise, the company issued a 'thank you note' to investors on Tuesday, August 2, clarifying that there was no material change or event related to the company's business and operating activities since the IPO.

AMTD Global Markets is a subsidiary of AMTD Digital's parent company, AMTD Idea Group, which is a Chinese financial company.

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