Hong Kong's Magic Empire stock jumps 105% in wake of spectacular market debut

Aug. 08, 2022 11:01 AM ETMagic Empire Global Limited (MEGL)By: Val Kennedy, SA News Editor3 Comments

Cityscape Hong Kong and Junkboat at Twilight

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Newly public Magic Empire (NASDAQ:MEGL) stock shot up 105% in early trading Monday after rocketing 2,325% on Friday following its $20M initial public offering.

Shares of the Hong Kong-based financial services firm opened at $234.23, hitting an early high of $249.94. The stock recently changed hands at $198.45 at approximately 10:30 a.m. ET.

Magic Empire made its US market debut on Friday, offering 5M shares priced at $4 per share. After several halts due to volatility, the stock ended its first session 2,325% higher at $97 per share.

The Chinese company specializes in corporate advisory, underwriting and IPO sponsorship services.

For a more in-depth look at Magic Empire, check out SA contributor Donovan Jones’s “Magic Empire Global Limited Pursues $23 Million US IPO.

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