Hong Kong's AMTD, whose stock soared 32000%, faces regulatory scrutiny

The Hong Kong financial group behind an initial public offering that stunned Wall Street by soaring more than 32,000% following its debut has drawn regulatory scrutiny over deals it arranged in the Asian financial hub.

The previously unreported probe by Hong Kong’s securities watchdog into AMTD Group Co., which is run by former UBS Group AG banker Calvin Choi, predates the US listing of its unit AMTD Digital Inc. Despite reporting just $25 million of revenue in the year ending in April 2021, AMTD Digital’s market capitalization briefly surged above $400 billion in early August -- surpassing giants including Goldman Sachs