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Magic Empire Global (NASDAQ:MEGL), a Hong Kong-based financial services provider, saw its stock jump 76% in afternoon trading Thursday amid a rally in Chinese IPO stocks.
Shares of Magic Empire opened at $1.62, sliding to an early low of $1.51 before hitting a high of $2.90 in late morning. The stock closed at $2.30.
The company did not appear to release any news or make any SEC filings on Thursday.
Magic Empire shares have been highly volatile since the company went public in early August, raising $20M. The stock hit a 52-week high of $249.94 on Aug. 8 only to shift gears the next day to plunge 90%. The shares reached a 52-week low of $1.20 on Dec. 19.
The stocks of several other China-focused companies that held IPOs in recent months also rallied Thursday, including Addentax (ATXG), Jianzhi Education (JZ), Golden Sun Education (GSUN), Ostin Technology (OST) and Intelligent Living Application Group (ILAG).
For more on Magic Empire, check out Macrotips Trading’s “Magic Empire Global Limited: Lessons from the Ashes.”
Image and article originally from seekingalpha.com. Read the original article here.