Hong Kong online brokerage TOP Financial sees stock soar 97%

Aug. 08, 2022 12:07 PM ETTOP Financial Group Limited (TOP)By: Val Kennedy, SA News Editor

Cityscape Hong Kong and Junkboat at Twilight

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Hong Kong-based online brokerage TOP Financial Group (NASDAQ:TOP) saw its shares soar 97% Monday.

TOP shares opened at $10.52, hitting a high of $23 mid-morning. The stock recently changed hands at $20 at approximately 12:00 p.m. ET.

The company held a $25M initial public offering on June 1, offering 5M shares priced at $5 per share. The stock has been highly volatile ever since, hitting a 52-week high of $50.97 on June 23 and a 52-week low of $7.99 on July 29. Shares had been trending downward since mid-July, but rose 8% on Friday.

The company changed its name to TOP Financial from Zhong Yang on July 22. The stock fell 21% following the move.

TOP wasn’t the only Hong Kong-based financial services firm to gain on Monday. Magic Empire shares were up over 100% in early trading Monday after rocketing 2,325% following a $20M IPO.

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