back to article Obscure Asian fintech AMTD Digital becomes the new GameStop

An obscure Asian financial services startup's share price has exploded, seemingly after social media users decided to pile into the stock. The company is called AMTD Digital, which claims to have in its possession a "comprehensive digital solutions platform equipped with multi-sector scarce digital financial licenses in Asia …

  1. Andy Tunnah

    What is with that title ?

    First time seeing a bullshit clickbait title on here, it's kinda weird.

    Everyone on those subs (not my thing but super fun to follow they're all a bunch of gamblers in denial but that's a whole other thing) is saying it's manipulated, that media is trying to turn it into a "meme stock" and very few people are into it. Hell, there's a lot of fun conspiracy theories too; the stock is being manipulated in such a way that when it's brought under control by force, those rules can then be used to also do the same thing to GameStop and AMC. I'm not quite sure what all that means tbh but considering they're constantly going on about how the SEC is corrupt, it's fun tinfoil stuff.

    1. Anonymous Coward
      Anonymous Coward

      Re: What is with that title ?

      OK, I agree that trying to pin the AMTD thing on the reddit Apes seems a tad off base as there was no traction in the usual subs, and when it broke in the broader media the only broad reaction seemed to be "Obvious scam, don't buy it, and don't blame us if you do"

      That said we have seen how many shitcoins try to hype themselves on the crypto subreddits? So clearly the scammers are aware reddit exists at this point, and the downside of the Apes grabbing GME and beating Wallstreet bloody with it is that is has draw in the flies. Not like this stuff wasn't always happeing before. Motley Fool and Benzinga basically sell bad financial advice to pump and dump scammers as a business model.

      It is not the place I would try to pull something like this. While there are plenty of raving lunatics(and that's part of the fun I guess) there is also a core of budding forensic accountants that are slowly pulling the lid off can of worms that Wallstreet represents. So launching a transparent pump and dump there is akin to taking a runny shit on the steps of 221 Baker street, London.

      The only thing I disagree with is the clickbait titles part, which is well, kinda part of their thing here. :-) Though the lack of ironic tone in the article may mean the editors are having their fun with us here in the forums, even if the author seems to have swung and missed.

  2. iron Silver badge

    > The reason for the spike is uncertain. Suspicion has fallen on the same kind of social media-fuelled retail investor pile-on that saw prices spike for so-called "meme stocks" like GameStop and AMC.

    This should be really easy to verify, check out the usual subreddits and a Google search should provide certainty if this has become a meme stock.

    I guess fact checking isn't a journalist's job any more?

    1. abstract

      Too much Hollywood?

  3. amanfromMars 1 Silver badge

    What’s Good for the Goose, is Good for the Gander

    Nothing brand spanking new to see there, Simon. It is just the way that particular great game has always been played.

    Inequitable and right crooked it may be, but extremely profitable for a chosen few it certainly can be ..... and that is its compelling attraction in practically every sector you may imagine or mention.

    Greed and Profit Supply Money for Nothing and Renders Chicks and Chips for Free. Without it there would be no dodgy free market casinos/stock exchanges.

    Almighty problems then though increase and multiple at an exponential rate whenever such insider knowledge enters the mainstream and other alternative world wide web networks for it is easily recognised as unsustainable at scale and therefore no better than a Ponzi ...... although it would be foolish to deny it is remarkably convenient and most enjoyable for an elite few whilst mass ignorance remains ascendant to support their selfish arrogance.

    1. Lis

      Re: What’s Good for the Goose, is Good for the Gander

      @amanfromMars 1

      Friday afternoon I am going out to get pissed. Because, unbelievably, I havre just read a comment of yours. Not only did I not realise you had written it until I looked, I understood it.

      I noticed the Dire Straits thing. About the only decent record they made...

      1. Corporate Scum

        Re: What’s Good for the Goose, is Good for the Gander

        Dammit, this one got me too, skimmed right past it the first time, then I saw your reply and re-read it.

        I'm a little worried now, as thinking a amanfrommars post makes sense is a clear sign of either a stoke or a psychotic break, and I don't smell toast. I wonder if the PFY at the desk next to me spiked the break room coffee pot again? It's gonna be a weird standup meeting.

  4. Timo

    unleash the shorts

    when the stock is this high, and overvalued, there's a pretty good chance that someone will bet against it.

    1. Anonymous Coward
      Anonymous Coward

      Re: unleash the shorts

      It's a trap!

      Be careful shorting something that is obviously manipulated. The manipulation won't magically stop and those shorts are visible. Everyone knows how to pull a short squeeze now, so if you don't know who is pulling the strings, you don't know how big their wallet is. Remember, it's not enough to know that somethings going to crash, you need to be able to guess when it will crash. And if one of the big players comes down, they can stretch the market out long enough for you to go bankrupt, THEN dump it.

    2. DS999 Silver badge

      Probably not possible

      The only way a stock could go up like this is if the float is a tiny percentage of the overall stock - the IPO only released a small portion onto the market and almost all of it is held by insiders still within the lockup period who can't sell.

      In order to short a stock an individual trader needs to find someone willing to lend a share to sell, which may be nigh impossible for a stock with a tiny float.

  5. Anonymous Coward
    Anonymous Coward

    Good!

    Anything that draws attention to the inherent casino nature of the stock market is a great thing IMHO.

    For decades the big boys have creamed huge profits from playing this game, so if retail investors have managed to take a slice of the pie, through coordinating their efforts, then what's not to like?

    1. doublelayer Silver badge

      Re: Good!

      "if retail investors have managed to take a slice of the pie, through coordinating their efforts, then what's not to like?"

      If that's what's going on, which hasn't been proven yet for this one, there's lots not to like. One thing is that a lot of people are gambling their money on unreliable information, possibly from scammers. Sure, some people will make money and some people you don't like will lose it. Chalk those up as wins if you want. What about those who buy on this information and end up losing a bunch of money? Is that great too? Don't expect me to be sad when they lose something through their own ignorance, but it's still better if they didn't get lured that way in the first place. If the source is someone running a pump and dump scheme, that's also a negative. There are winners and losers in this, and if you only care about those who win, then everything will look great.

  6. This post has been deleted by its author

  7. Anonymous Coward
    Anonymous Coward

    The chatter on r/wallstreetbets is they're actually very offended that they're being blamed for this.. the first mention of it there was after it'd already blown up, and every single comment was calling it a pump and dump. Look to the institutions for their market manipulation, not the apes as a scapegoat :P

    1. M.V. Lipvig Bronze badge

      I imagine that the plan was to make it appear to be the next GME to draw people in "before the moon shot." Not everyone on the Ape bandwagon is on Reddit. For example, I have a few bucks of playing around money in AMC but don't track anyone's site. Anyway, they imply it's Ape-driven which implies that the buyers are holding for a short squeeze, draw in suckers at these high prices, then next month the stock hits 10 a share again. The scammers make their pile, then leave the company to deal with the pile of shit they left behind as burned traders file malfeasance suits against the company. The company's doing right hy announcing loudly and publicly that there is no reason for the price, alhough if the company were smart they'd be selling shares into it right now.

  8. monty75

    Typo

    Someone just fat-fingered an order for AMD stock

    1. Anonymous Coward
      Anonymous Coward

      Re: Typo

      > Someone just fat-fingered an order for AMD stock

      And the algorithmic trades followed? Now that would be a fun story to tell the grandchildren.

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