Chinese financial stocks TOP, Magic Empire, AGBA score major gains (TOP)
TOP Financial Group (NASDAQ:TOP) shares rocketed nearly 1,200% Friday as fellow Chinese financial services stocks Magic Empire (MEGL), AGBA (AGBA), Dunxin Financial (DXF) and Top KingWin (TCJH) also scored major gains.
Shares of TOP rallied for the second day in a row, opening at $69 to hit an early low of $48.60 before soaring to a high of $256.44, up 1,182% from Thursday's close, in late morning trading. The stock recently changed hands at $142.01 at around 1:00 p.m. ET.
TOP held a $25M initial public offering in June 2022, pricing shares at $5 apiece. The Hong Kong-based online brokerage changed its name from Zhong Yang last July. According to Yahoo Finance data, TOP has a stock float of around 5M shares.
Hong Kong-based Magic Empire (MEGL), which went public through a $20M IPO last August, saw its shares rally as much as 530% Friday to $5.87 after closing below $1 on Thursday. The stock recently changed hands at $4.78, up 415%, at around 1:00 p.m. ET. According to Yahoo Finance, Magic Empire has a float of around 8M shares.
AGBA Group (AGBA) stock also made strong gains, with shares jumping as much as 220% in early trading to hit $5.37. The stock recently changed hands at $3.18, up 88% from Thursday's close, at around 1:00 p.m. ET. The Hong Kong-based financial services provider went public last November through a SPAC merger.
According to Yahoo Finance data, AGBA's float is around 5M shares. The company announced a $10M stock repurchase program last week. On Thursday, it filed an S-1 with the SEC for selling shareholders to offer around 18M shares.
Wuhan-based Dunxin Financial (DXF) stock also rose, recently trading at $0.85, up 560% from Thursday's close, at around 12:45 p.m. ET. The company's float is around 6M shares, according to Yahoo Finance. The company received a listing deficiency notice from NYSE American last month.
Meanwhile, Guangzhou-based Top KingWin (TCJH) shares hit a high of $9.12 in morning trading, up 91% from Thursday's close. The shares recently changed hands at $6.96, up 46%. The company has a float of around 73K, according to Yahoo Finance.
Top KingWin held its IPO on April 18, raising $11M.
Source: Seeking Alpha
