Meme-like rally boosts Chinese small-cap stocks.
The US-listed shares of small and micro-cap Chinese firms surged in a meme-like rally reminiscent of last summer, driven by strong demand from retail investors. Online brokerage firm Top Financial Group spiked 645% to $149 per share, while Magic Empire Global jumped 328% to $3.97 per share. Both firms are currently two of the most watched stocks on Stocktwits, a website popular among retail investors. However, short selling firm Hindenburg Research has accused dozens of Nasdaq-listed companies of being used by offshore scammers to run pump and dump schemes, and called on Nasdaq to halt these tickers.