Chinese billionaire CK Group to sell stake in AMTD Group

The CK Group is selling its remaining stake in AMTD Group Co., the parent of the financial firm whose shares rose more than 14,000% after listing less than three weeks ago.

According to a statement Thursday, CK currently holds less than 4% of the AMTD Group. It has not invested in AMTD Digital Inc., a company whose market cap has exceeded that of most financial giants.

The market gains are unjustified, according to analysts, and the company itself has said it doesn't know of any material events that could affect the stock price.

Li s CK was a founding member of the AMTD Group in 2003, although it sold most of its shares almost a decade ago, the statement said. It said that CK has no representative on the AMTD Group's board and is not involved in its operations.

Calvin Choi, AMTD Group's chairman and chief executive officer, is now a major shareholder with a 32.5% stake in a British Virgin Islands vehicle. The former banker of UBS Group AG is currently fighting an industry ban in Hong Kong for failing to disclose conflicts of interest.

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