Hong Kong-based online brokerage TOP Financial Group (NASDAQ:TOP) saw its shares soar 97% Monday.
TOP shares opened at $10.52, hitting a high of $23 mid-morning. The stock recently changed hands at $20 at approximately 12:00 p.m. ET.
The company held a $25M initial public offering on June 1, offering 5M shares priced at $5 per share. The stock has been highly volatile ever since, hitting a 52-week high of $50.97 on June 23 and a 52-week low of $7.99 on July 29. Shares had been trending downward since mid-July, but rose 8% on Friday.
TOP wasn’t the only Hong Kong-based financial services firm to gain on Monday. Magic Empire shares were up over 100% in early trading Monday after rocketing 2,325% following a $20M IPO.
Image and article originally from seekingalpha.com. Read the original article here.