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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.
Shares of the Hong Kong-based investment bank Magic Empire Global Limited (NASDAQ: MEGL) traded as much as 25% higher in pre-market trading today before giving up most of those gains as the wild trading volatility on the stock continued. Since going public last Friday, Magic Empire has been on a wild ride. Magic Empire is a fairly small company and only sold about 5 million shares in its initial public offering (IPO) for a total amount of $20 million.