Stocks & Forex
TOP Financial Group Ltd (NASDAQ: TOP) – WSB Reddit Meme Stock Topped Out at $256.44 Per Share Friday Morning
TOP Financial Group Ltd (NASDAQ: TOP) founded in Hong Kong, TOP Financial operates online brokerage platforms specializing in the trading of local and foreign equities, futures, and options products. The trading platforms, which the operating subsidiaries license from third parties enable its investors to trade on renowned stock and futures exchanges around the world, including the Chicago Mercantile Exchange (“CME”), Hong Kong Futures Exchange (“HKFE”), The New York Mercantile Exchange (“NYMEX”), The Chicago Board of Trade (“CBOT”), The Commodity Exchange (“COMEX”), Eurex Exchange (“EUREX”), ICE Clear Europe Limited (“ICEU”), Singapore Exchange (“SGX”), Australia Securities Exchange (“ASX”), Bursa Malaysia Derivatives Berhad (“BMD”), and Osaka Exchange (OSE).
TOP Financial Group operating subsidiaries are licensed with the Securities and Futures Commission of Hong Kong (“HKSFC”) to carry out type 1 (dealing in securities), type 2 (dealing in futures contracts) regulated activities, and are licensed with the HKSFC to carry out type 4 (advising on securities), type 5 (advising on futures contracts), and type 9 (asset management) regulated activities in Hong Kong. TOP is also in the process of completing its acquisition of Australia licensed company TOP 500 Sec Pty Ltd, which will provide dealing services in derivatives and foreign exchange contracts, and financial product advices for derivatives, foreign exchange contracts, debentures, stocks or bonds in the near future. For more information, please visit http://www.zyfgl.com/.
Remember random Chinese stocks rallying incredibly?
A Chinese stock called $TOP traded at $6 this morning.
It is now at $230, up 1,050% in afterhours. pic.twitter.com/eDYX4RXj0n
— unusual_whales (@unusual_whales) April 28, 2023
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TOP revenues were US$5.2 million and US$3.2 million for the six months ended September 30, 2022 and 2021, respectively. TOP, through its operating subsidiaries, generated net income of US$1.8 million and US$0.9 million for the six months ended September 30, 2022 and 2021, respectively. The Company plans to keep its business growing by expanding its customer base to include retail investors of a wider range of wealth within the Asian communities across the globe, by increasing the products the Company offers to include securities and futures from a larger number of stock exchanges, and by starting to offer services such as asset management, and contracts for difference products and services.
TOP Financial continues to see growth via acquisition; via 6k the Company recently reported it has acquired TOP 500 SEC PTY LTD for $700,00. TOP 500 SEC PTY LTD is owned by Junli Yang, the Chairwoman of the Board of Directors of TOP Financial and operates as a brokerage firm in Australia that owns an Australian Financial Services License (AFSL: 328866). TOP 500 SEC PTY LTD provides financial services in Australia that includes arranging or providing financial advice on financial products such as derivatives, foreign exchange contracts, stock and bond issuance etc. On April 12, 2023, the transaction was completed.
In Dec 2022, @MillenniumHF reported that they bought 38,761 shares of $TOP
At $225/share… their $180K investment is now worth $8.7M
WHO is Millennium Management LLC?
A Hedge Fund
I wish there was an agency that could look into things like this 😕
SEC Chair @CVPayne would. pic.twitter.com/c15qEL6eNq
— 🌴 🅅🄴🄶🄰🅂 🅲🅷🅴🅵 A̾n̾d̾r̾e̾w̾🌴 (@ChefDrew702) April 28, 2023
We have a big pick Coming.
Currently trading at $3.2 billion market valuation TOP does not have the fundamentals to support anywhere near this valuation. In answer to the question. Why did TOP top out at $256.44 per share? at at $256.44 per share TOP had a market valuation of $7.7 billion; an absurd number for a Company that did $1.8 million net income in the last 6 months. However, all this is out the door at this point, with a limited number of shares in the public float, TOPS moves very easily and is liable to do anything at this point. We will be updating on TOP when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.
Disclosure: we hold no position in TOP either long or short and we have not been compensated for this article.