HONG KONG, Aug 4 — Hong Kong billionaire Li Ka-shing’s firm is selling its stake in the parent company of fintech upstart AMTD Digital, according to a statement released today, after the company enjoyed a massive rally this week.
Li’s CK Group said in a statement that it holds less than four per cent of AMTD Digital’s parent company, AMTD Group, and has entered negotiations to sell those shares. Li’s CK said its current four per cent stake was left over from a sale nearly a decade ago, where CK sold a majority of its AMTD Group shares.Analysts have partly attributed AMTD Digital’s current rally to the small portion of shares that were made available for trading.
AMTD Digital’s swift rally had prompted questions of whether it was the next “meme stock” — shares that skyrocket due to retail trading mania — similar to video game chain GameStop.
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