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Hong Kong broker Top Financial stock soars as much as 900% on meme trade

Yahoo Finance

Yahoo Finance Live anchors discuss the rise in shares of Top Financial as the stock soared as much as 900% as meme investors piled into the trade.

Video Transcript

- I got my eyes on a winner for today. My play is Top Financial, our top trending ticker here on Yahoo Finance. Shares were soaring at one point up nearly 900% during this trading session.

Now, if you're like me and you haven't heard of Top Financial before today, you're probably not alone. Top is a small Hong Kong based broker that reported net income of 2.5 million last year and revenue of 5.2 million in six months ending September 30.

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Just to put those numbers in perspective, Robinhood, a publicly traded broker that is also popular with meme stock traders, produced $280 million in revenue just last quarter alone. So we were talking about a very, very small broker. But it's a meme stock trade.

- I know. I made lost bets.

- But it's a meme stock trade. It was on Reddit, and it can take off like that.

- At it again. Exactly. I saw that I wasn't familiar with it before either. And I'm like, oh my goodness. It's one of those to the moon again. And even other meme stocks in action again today. GameStop nowhere near its highflying levels, obviously.

But that one popping today as well. So just the Wall Street Bets crew. It looks like-- go ahead, Josh, you were going to--

- No, just there was a post out on the Wall Street Bet Reddit page that had sort of stirred up some interest. That seems to be what the spark was. But again, this stock I think at one point was at $210 today. It was $6 two days ago.

- I mean, this has been happening all week and over the past couple of days with especially the Hong Kong based meme stock. So it's Top Financial. It's a company called MEG, which stands for Magic Empire. And the other one is AMTD.

- I've heard about that one.

- Right, so that seems to be the common thread for this latest little--

- Those are like lottery--

- Just spend some time this weekend on Reddit.

- Those are like lottery winning stocks basically.

- That's like a great weekend.

- But you know, you've got to get in and out of things like that.