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Why Shares of Magic Empire Global Limited Crashed This Week

For the week, shares of the Hong Kong-based Magic Empire Global Limited (NASDAQ: MEGL) traded nearly 30% down as of 12:05 p.m. ET Thursday, according to data provided by S&P Global Market Intelligence. There is no apparent reason behind the move other than the continued volatility that the stock has become accustomed to since going public earlier this month. Magic Empire Global is one of several Hong Kong stocks this year that has gone public and seen violent price swings.