Shares of AMTD Digital (NYSE:HKD) stock jumped 22% on April 11 and another 7% overnight, with no specific news to explain it.

The company has been something of a mystery since it came public last year in a $125 million initial public offering (IPO). The shares rose to as much as $1,100 in the face of widespread skepticism before plunging.

HKD shares opened April 12 at about $9 per share, representing a market capitalization of $1.7 billion.

HKD Stock: Is There a There, There?

The latest move could be a short squeeze. There was a reported 22% short interest in HKD stock at the close of business April 11. Short interest off the listed exchanges was even higher, at 56%.

There could also be fundamentals at work because there is a company underneath the hype.

AMTD Idea, the parent of AMTD Digital, is due to release earnings on April 18, and Hong Kong is continuing to reopen. The company owns a French fashion media group, L’Officiel, which recently gained permission to publish in Malaysia.

Then there are movie operations. A film called My First of May, starring veteran Hong Kong actor Aaron Kwok, finished filming in February. A second film called The White Storm 3: Heaven or Hell is scheduled for release.

The press release on White Storm references a 2020 film called Shock Wave 2, starring actor Sean Lau, that was produced with AMTD and was profitable. Lau is also involved in White Storm. AMTD founder Calvin Choi is listed as executive producer on the new film.

The Bottom Line

What is AMTD Digital? Is it a movie studio, a fashion company, a breath mint, or just a pot of money Calvin Choi created out of thin air? It’s hard to tell. In theory, we’ll know more when AMTD Idea releases numbers. Or maybe, given the complex ownership structure, we won’t.

On the date of publication, Dana Blankenhorn held no positions in any companies mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.