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Meme stock TOP Financial Group soars more than 890%, spurred on by the Reddit crowd

Last Updated: April 28, 2023 at 1:38 p.m. ET First Published: April 28, 2023 at 8:11 a.m. ET Hong Kong-based broker had net profit of just $2.5 million in six months through Sept. 30, and revenue of just $5.2 million TOP Financial Group is based in Hong Kong but is popular with the U.S. meme

meme-stock-top-financial-group-soars-more-than-890%,-spurred-on-by-the-reddit-crowd

Hong Kong-based broker had net profit of just $2.5 million in six months through Sept. 30, and revenue of just $5.2 million

TOP Financial Group is based in Hong Kong but is popular with the U.S. meme crowd. (AP Photo/Louise Delmotte)

AP

The stock of TOP Financial Group Ltd., a Hong Kong-based broker that went public last year, soared more than 890% Friday to a fresh record high with no apparent news to drive the move.

Volume of 2.4 million shares traded in the first two hours of trading far exceeded the average daily volume of 872,000 over the last 65 days. The stock TOP was halted for volatility several times in early trade.

TOP…

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