We’ve talked a lot about China here lately as big companies like Alibaba (BABA) hit the regulatory skids. But in the shadows of the giants, little stocks are proving that meme stock fever is alive, well and free of national borders.

These little companies are really just a ticker symbol and a promise at this point. They aren’t really growing fast and in the rare cases they are, the growth rates still lag the stock prices.

Think of GameStop (GME) or AMC (AMC) being bid up to obscene levels by people who simply thought it was a good idea to buy in. Hedge funds who bet against those stocks felt the pain. Some traders made money.

The hedge funds learned from the experience and came back with reinforcements. Meme traders found it hard to keep it going. When you go bust, you go bust.

Now the names are Chinese. The companies are often based in Hong Kong. The balance sheets are vestigial.

A few weeks ago one of these stocks, AMTD Digital (HKD), was worth more than Meta (META). When it went public a month in mid-July, it was a $1.5 billion company.

It’s dropped 88% from its peak, erasing hundreds of billions of paper dollars in the process. I am not averse to trading a fun chart, but Las Vegas is open again if you just want the thrill of gambling.

And behind HKD, other ticker symbols are emerging. Handle with care.