For the seventh time this year, a tiny US listing by a company based in China or Hong Kong is seeing a wild price surge after its initial public offering.
It is the latest in a string of similar moves that includes AMTD Digital Inc., the firm that became bigger than Goldman Sachs after surging by 14,000%.
Read more: AMTD Digital Draws Attention to a Pattern of IPO Pops
Almost seven of the 10 US listings from China and Hong Kong this year have had unusual price action. That stands out due to market volatility and reduced public valuations at a time when otherwise muted IPO activity is not much changed.
According to Bloomberg, Friday's price action left Magic Empire with a $1.9 billion market cap. Magic Empire, which provides underwriting and advisory services, didn't respond immediately to a request for comment. The IPO was underwritten by Network 1 Financial.
AMTD Digital fell 9.9% on Friday. It is the third day of losses that have left the stock 9,147% above its July 15 IPO price.
It is getting harder to be a woman in America.