FROM THE PEOPLE that brought you the red chip, H share and Snoopy doll crazes, comes Hong Kong’s latest mania: Macau concept stocks, already dubbed M shares. Prices of what were originally mainly penny stocks have recorded extraordinary gains as Hong Kong’s punters, blindly following the smarter and nimbler hedge fund and inside money, have piled into the latest craze to sweep the territory.
Exploiting Macau’s recent explosive economic growth, Hong Kong’s fast-footed businessmen have wasted no time in dusting off their moribund shell companies and reintroducing them to an eager public as the latest way to invest in China’s tiny gambling enclave.
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