Billionaire Li Ka-shing’s CK Group is selling its remaining stake in AMTD Group, the parent of the financial firm whose shares soared more than 14,000 per cent after listing less than three weeks ago.
CK currently holds less than 4 per cent of AMTD Group, according to a statement.
It’s not invested in AMTD Digital, the company whose market cap has surpassed that of most financial giants.
The rally has raised eyebrows from New York to Hong Kong, given AMTD Digital reported just $25 million in revenue for the year ended April 2021.
Analysts have described the market gains as unjustified, and the company itself has said it doesn’t know of any “material” events that could be affecting the stock price.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.