Vittoria Limited plans to raise $15 million in an IPO of its ordinary shares, although the final figure may differ. The company provides corporate-oriented financial services in Hong Kong and China. Similar to Magic Empire Global Limited, I have concerns about potentially extreme stock price volatility.
Shares of meme stock Magic Empire Global Ltd. MEGL fell 6.5% in premarket trades Tuesday, pulling back after ending Monday's session up 27%.
The U.S.-listed shares of small and micro-cap Chinese firms soared on Friday, reminiscent of meme-like rallies last summer that were underpinned by strong demand from retail investors.
Magic Empire Global (NASDAQ: MEGL ), the mysterious Hong Kong financial company that was pumped to over $250/share after its initial public offering (IPO) last year. Then MEGL stock fell just as quickly and jumped again overnight.
Shares of Hong Kong-based Magic Global Empire (NASDAQ: MEGL ) stock are up by more than 400%, although it isn't exactly clear why. The company operates in the financial industry and provides corporate finance and underwriting services.