Li

Calvin Choi controls AMTD Digital, the world’s hottest stock right now, through a web of companies. Forbes estimates his holdings via that company make him Asia’s sixth-richest person, but few think it’s worth anywhere near that much or that the stock will hold up. Even his stake in its parent company, through which he holds shares, is worth much less. By Zinnia Lee, John Kang and Robert Olsen H ong Kong banker Calvin Choi appears to have amassed an immense fortune at record speed. Less than a month after the 43-year-old listed his AMTD Digital on the New York Stock Exchange, his stake in the digital financial services firm has skyrocketed 14,000% for reasons his firm can’t explain . Now his holdings appear to be worth as much as $36.8 billion—based on AMTD Digital’s stock price at Wednesday’s close . But his stake in AMTD IDEA , which is AMTD Digital’s parent company and through which he holds the shares, is worth just under $500 million, illustrating just how … [Read more...] about Chairman Of World’s Hottest Stock AMTD Now Worth Nearly $37 Billion, More Than Li Ka-Shing

Li Ka-shing - A + A HONG KONG (Aug 4): Billionaire Li Ka-shing's CK Group is selling its remaining stake in AMTD Group Co, the parent of the financial firm whose shares soared more than 14,000% after listing less than three weeks ago. CK currently holds less than 4% of AMTD Group, according to a statement on Thursday. It has not invested in AMTD Digital Inc, 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 US$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 does not know of any "material" events that could be affecting the stock price. Li's CK was a founding member of AMTD Group in 2003, although it sold most of its shares almost a decade ago, the statement said. It added that CK currently has no representative on AMTD Group's board and is not … [Read more...] about Li Ka-shing’s CK to sell AMTD stake after unit soars 14,000%

Li Ka-shing - A + A HONG KONG (Aug 4): One of the world's most successful investors is cutting ties with the parent of AMTD Digital Inc, whose 14,000% stock-market rally in a matter of weeks has raised eyebrows across Wall Street. Billionaire Li Ka-shing's CK Group is selling its remaining stake in AMTD Group Co, according to a statement on Thursday. Its unit AMTD Digital, a formerly obscure Hong Kong financial-service firm, vaulted into the spotlight this month after its market value inexplicably surpassed those of global giants including Goldman Sachs Group Inc and Wells Fargo & Co. CK Group currently holds less than 4% of AMTD Group and has not invested directly in AMTD Digital. Li's conglomerate, which was a founding member of AMTD Group in 2003 but sold most of its shares almost a decade ago, said it has no representative on AMTD Group's board and is not involved in its operations. Analysts have described the gains in AMTD Digital as unjustified … [Read more...] about Li Ka-shing cutting ties with AMTD after wild 14,000% gain

- A + A (Aug 4): CK Hutchison Holdings Ltd’s profit rose 4.3% in the first half of this year, boosted by its global operations even as the conglomerate founded by billionaire Li Ka-shing warned of rising risks from a worldwide recession. The flagship company of the CK Group reported net income of HK$19.09 billion (US$2.43 billion) for the six months through June, according to a statement Thursday. Total revenue advanced 8.1% to HK$229.6 billion from the same period last year. It raised the interim dividend to HK$0.84 a share, compared with HK$0.80 a year before. CK Hutchison, with interests across telecommunications, retail, ports, real estate and infrastructure, relies on Europe for more than half of its revenue and on China for about 20%. The globally diverse portfolio makes it more resilient to regional risks, with a post-virus recovery in most parts of the world helping to counter the impact of Covid Zero lockdowns in China. The company still faces challenges … [Read more...] about Li Ka-shing’s flagship sees profit rise, warns of recession risk

A travel blogger in China was sentenced to seven months in prison after publishing photos of himself with a veteran’s tombstone at a military cemetery in Xinjiang territory, according to the state media People’s Daily. Li Qixian, who blogged under the name Xiao Xian Jayson, was ordered him to make a public apology within 10 days. Li visited the Kangxiwa Martyrs’ Cemetery in northwest China and uploaded nine images on local social media sites WeChat and Xiaohongshu in July. He typed the Chinese characters for “respect” under the photos. However, two of the photographs garnered considerable condemnation online, with many believing Li showed little regard for the veterans buried in the cemetery of about 100 soldiers, including a soldier who died in a fight on the Indian border last year, which immediately sparked indignation. In one picture, Li was seen wearing a cap and sunglasses and smiling casually, one hand on the gravestone and the other in a move that many mistook for … [Read more...] about Travel blogger jailed in China for posing with a veteran’s tombstone for pictures

- A + A (Aug 3): Southeast Asia is getting more attention as competition between China and the United States heats up. The vast, diverse region of emerging markets is shaping up as a key geopolitical and economic battleground, but it may also offer opportunities for Sino-U.S. collaboration, analysts said, according to Caixin . Indonesian President Joko Widodo made the first state visit by a foreign leader to China since the Winter Olympics in February. During his two days in Beijing starting July 25, Widodo met with Chinese President Xi Jinping and Premier Li Keqiang. The sessions "underscored the great importance attached by the two countries on bilateral relations," Xi said. Indonesia and the Association of Southeast Asian Nations (ASEAN) to which it belongs are important cornerstones of China's regional diplomacy. The 10-member bloc, surrounding the strategic waterway connecting East Asia with the Middle East and Africa, has become the third-largest economy in … [Read more...] about Caixin: Why Southeast Asia is a battleground in the China-U.S. rivalry

A PetroChina worker inspects a pump jack at an oil field in Tacheng, Xinjiang Uighur Autonomous Region, China.  File photo/ REUTERS/Stringer AT Oil prices rose on Thursday as supply concerns triggered a rebound from multi-month lows plumbed in the previous session after U.S. data signaled weak fuel demand. Brent crude futures rose 42 cents, or 0.4 percent, at $97.20 a barrel by 0250 GMT, while West Texas Intermediate (WTI) crude futures was last up 49 cents, a 0.5 percent gain, at $91.15. Both benchmarks fell to their weakest levels since February in the previous session after U.S. data showed crude and gasoline stockpiles unexpectedly surged last week and as OPEC+ agreed to raise its oil output target by 100,000 barrels per day (bpd), equal to about 0.1 percent of global oil demand. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, have been previously increasing production but have struggled to meet targets as most … [Read more...] about Oil prices rebound on supply concerns

Share to Twitter Share to Linkedin Topline Shares of under-the-radar Hong Kong fintech company AMTD Digital continued to swing wildly in volatile trading on Wednesday after a more than 21,000% run up since its IPO last month, and although it’s still unclear what’s sparking the wild price action, many are likening it to the meme-stock frenzy of early 2021. Key Facts Shares of AMTD Digital have skyrocketed rising more than 1,500% over the last five trading days and up 125% on Tuesday alone as trading was halted several times for volatility, though the stock fell back to earth on Wednesday, declining 35%. As of Tuesday’s close, the stock had surged 21,400% to more than $1,600 per share, up from an IPO price of $7.80 on July 15, when it raised $125 million in what was the largest listing by a Chinese company on the New York Stock Exchange this year. AMTD Digital, which trades under the ticker HKD, is a fully owned subsidiary of AMTD Idea Group … [Read more...] about AMTD Digital May Be The New ‘Perfect Meme Stock,’ Loses $100 Billion In Value In One Day After Rising Over 125%

Share to Twitter Share to Linkedin Topline Shares of Hong Kong fintech firm AMTD Digital continued to plunge on Thursday, crashing for a second day in a row after rising more than 21,000% since its July IPO, with experts calling it a new meme stock and warning investors to stay away from the stock as its valuation looks like “an absolute scam.” Key Facts AMTD Digital’s stock fell nearly 30% on Thursday, down to $700 per share, after a 35% decline a day earlier. Up until Wednesday, the stock had been skyrocketing since its mid-July IPO for no apparent reason (even the company appeared baffled by the wild swings ) drawing comparisons to the meme stock trading frenzy that occurred in early 2021. Before the recent declines, the stock had surged as high as $2,555 per share (up from an IPO price of just $7.80), at one point giving the company a valuation of more than $300 billion and making it one of the largest in the United States by market … [Read more...] about AMTD Digital Plunges Nearly 30%—Stay Away From This ‘Absolute Scam,’ Expert Warns

Share to Twitter Share to Linkedin Karrion Kross returned at the end of WWE SmackDown, attacking Drew McIntyre before Scarlett set an hourglass timer, signaling Roman Reigns’ days as WWE champion are numbered. This comes after reports that Kross could be on his way back to WWE . Last time Kross was seen in WWE, it was during an embarrassing run where the previously undefeated former NXT champion took losses to both Jeff Hardy and Keith Lee, whom have both since been released by WWE. Kross joined them during a wave of mass releases in November 2021. Now, with a full head of hair and not a helmet in sight, Kross returned during the main event of SmackDown and now finds himself in the middle of the elusive world title picture. Also coming out of a newsworthy SmackDown, the WWE Women’s Tag Team Championships are on their way back to WWE amid rumors of Sasha Banks and Naomi returning to company. Banks recently pulled out of a celebrity flag football game , … [Read more...] about WWE SmackDown Results: Karrion Kross Returns On August 5, 2022