AMTD - ILAG stock price soars 75%+ intraday as investors embrace Chinese shares again (update)

Hong Kong-based door-lock maker Intelligent Living Application Group ( NASDAQ: ILAG ) soared more than 75% intraday in heavy volume Friday as the small-cap continued the wild ride it’s been on since going public some three weeks ago.

ILAG rose as much as 75.8% to hit $3.85 before pulling back some to close at $3.60, up 64.4% on the day. The stock – which only has about a $40M market capitalization – saw more than 60M shares of trading volume, way above the 7M that the name typically sees.

Intelligent Living Application Group ( ILAG ) has seen several high-volume, high-volatility trading days since going public on July 13 at $4 a share.

The stock shot up to as high as $26.40 intraday in its first session , but plunged to as low as $1.65 intraday some two weeks later on July 28. Shares have slowly recovered since then, but still remain more than 20% below their $4 initial public offering price.

ILAG’s crazy swings are coming at a time when Wall Street’s appetite for volatile Chinese stocks seems to have re-emerged after cooling during 2021. Firms like DiDi Global ( OTCPK:DIDIY ) initially soared when they staged U.S. initial public offerings last year, but quickly faded after both Chinese and American authorities zeroed in on them for a host of alleged ills.

However, Chinese fintech AMTD Digital ( HKD ) seems to have reignited the craze by rocketing up more than 20,000% since going public in mid-July at $7.80 per American Depositary Receipt. HKD traded as high as $2,117.80 earlier this week after becoming a heavily touted “meme stock” on the Reddit chat group WallStreetBets.

Meanwhile, HKD’s parent firm AMTD IDEA Group ( AMTD ) likewise soared 1,177% in just days, rising from a $1.01 52-week low to a $12.90 52-week high in a little more than two weeks .

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