Regencell Bioscience Holdings Ltd. continued an extraordinary rally this week after a 38-for-1 share split took effect on 16 June. The Hong Kong-based biotechnology company’s stock surged roughly 250% that day, touching US$83.60 and taking its year-to-date gain to about 49,000%. In the four months since February, when the shares traded around nine cents, the advance totals approximately 92,889%. The meteoric rise has lifted Regencell’s market capitalisation to roughly US$38 billion, surpassing that of apparel maker Lululemon Athletica. The valuation has drawn scrutiny because Regencell, which is developing traditional Chinese medicine-based treatments, has yet to report any revenue. The stock’s explosive move has invited comparisons with previous retail-driven surges such as GameStop, underscoring renewed speculative interest in thinly traded names with limited fundamentals.