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Obscure Hong Kong tech company’s stocks surge 21,000%, valued more than McDonald’s thanks to Reddit

Thanks to popular Reddit forum WallStreetBets, Hong Kong financial tech company AMTD Digital is now worth even more than giants like Coca-Cola, McDonald’s and Costco, with a current market value of $310 billion.

AMTD Digital, which trades under the New York Stock Exchange (NYSE) ticker HKD, has gone from being virtually unknown to becoming the new “meme stock” — one that gains popularity via social media.

Alibaba’s shares plunge $25 billion after Chinese authorities arrest man with the surname Ma

  • Alibaba Group Holding Limited’s stock lost nearly 208.2 billion Hong Kong dollars (approximately $26.5 billion) minutes after Chinese state-owned news outlet CCTV News published a vague news report about the recent arrest of a man who shares the same surname as Alibaba’s founder, Jack Ma.
  • The man was detained in Hangzhou, Zhejiang Province, where the e-commerce company is based, after being suspected of “colluding with overseas anti-China hostile forces" to "incite secession" and "incite subversion of state power."
  • CCTV News’ initial report claimed the detained man has two characters in his full name. The Global Times, another Chinese state-run news outlet, reported that the man’s name has three characters, not two. Jack Ma’s full Chinese name, Ma Yun, has two characters.
  • Alibaba’s stock gained back most of its losses by the end of the day on Tuesday after The Global Times published its report.
  • The arrested man reportedly worked for an IT company as its director of hardware research and development and was born in 1985 in Wenzhou, Zhejiang Province.
  • Jack Ma was born in Hangzhou in 1964. He stepped down from his position as chairman of Alibaba in 2019 and has yet to release any statements about the recent incident.

Alibaba Group Holding Limited’s shares lost billions of dollars’ worth of market value in a matter of minutes after Chinese state media reported that a man with the surname Ma was detained last month.

Upon hearing about the report, several investors sold their Alibaba shares in Hong Kong on Tuesday after Chinese state-owned news outlet CCTV News published a vague news report about the man’s arrest in Hangzhou, Zhejiang Province, where Alibaba is based.

Chinese Companies with ‘Emperor’ in Their Names See Stocks Go Up Over Xi Jinping News

In the wake of a massive bombshell announcement where China plans to abolish its two-term presidential limit, companies who have “emperor” in their names are doing very well in Chinese stock market.

Companies like Shenzen Emperor Technology Co., Harbin Viti Electronics Co., which contains a name that means “powerful emperor” in Chinese, and Vatti Corp., a manufacturer called “Chinese emperor” in Mandarin, received a significant boost in their stocks by 7.4, 4.4 and 1.7%, respectively, on Monday, according to Bloomberg News.

Meet the Playboy ‘Playmate of the Year’ Who Now Makes Up to $600 a Day Trading Stocks

Playboy’s 2014 Playmate of the Year is a day trader and an aspiring doctor who is also penning a book on finance for women.

Kennedy Summers, 28, is both beauty and brains as proven by her rather atypical direction in career choices. Summers, who first appeared in Playboy as Miss December 2013, holds a bachelor’s degree in anthropology, a master’s in health administration and was more than halfway through medical school before she was chosen as Playboy’s 2014 Playmate of the Year.