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How a Tiny Hong Kong Firm Grew Bigger Than Goldman, Then Began to Plunge

AMTD Digital’s eye-popping stock gains have left people from Hong Kong to New York baffled. 



Photographer: Michael Nagle/Bloomberg

Before this week, you probably had never heard of AMTD Digital Inc., the firm that got so big that its market cap surpassed that of giants like Goldman Sachs Group Inc. and Bank of America Corp. Here’s all you need to know. 

AMTD Digital describes itself as a developer of digital businesses in Asia, primarily using its parent company's SpiderNet platform — an “ever-extending” network of clients, shareholders, business partners and investors. The Hong Kong-based company listed in New York just weeks ago.