Chinese financial stocks TOP, Magic Empire and AGBA record big gains (TOP)

Top Financial Group (Nasdaq: TOPShares rose nearly 1,200% on Friday as shares of Chinese financial services companies such as Magic Empire (MEGL), AGBA (AGBA), Dunxin Financial (DXF) and Top KingWin (TCJH) posted significant gains.

TOP shares rose for a second day in Respectively, it opened at $69 to reach an early low of $48.60 before rising to $256.44, up 1182% from Thursday’s close, in late morning trading. The stock was recently trading at $142.01 around 1:00 PM ET.

TOP held a $25 million initial public offering in June 2022, pricing shares at $5 apiece. The Hong Kong-based online brokerage changed its name from Zhong Yang last July. According to data from Yahoo Finance, TOP has a stock flotation of about 5 million shares.

Hong Kong-based Magic Empire (MEGL), which went public for $20 million last August, saw its shares jump 530% on Friday to $5.87 after closing below a dollar on Thursday. Shares were recently trading at $4.78, up 415% at around 1:00 PM ET. According to Yahoo Finance, Magic Empire owns about 8 million shares.

AGBA Group (AGBA) also posted strong gains, with shares jumping 220% in early trade to $5.37. The stock was recently trading at $3.18, up 88% from Thursday’s close, around 1:00 PM ET. The Hong Kong-based financial services provider went public last November through the merger of SPAC.

According to Yahoo Finance data, the AGBA flotation is about 5 million shares. Last week, the company announced a $10 million share buyback program. On Thursday, the S-1 filed with the SEC for a shareholder sale of an offering of about 18 million shares.

Wuhan-based Dunxin Financial (DXF) was also up, recently trading at $0.85, up 560% from Thursday’s close, at around 12:45 p.m. ET. According to Yahoo Finance, the company’s flotation is about six million shares. The company received notice of the lack of listing from NYSE American last month.

Meanwhile, Guangzhou-based Top KingWin (TCJH) shares hit a high of $9.12 in morning trade, up 91% from Thursday’s close. Shares recently traded at $6.96, up 46%. The company has a floatation ratio of about 73k, according to Yahoo Finance.

Top KingWin held its IPO on April 18, raising $11 million.