Recently we have come to identify a new form of value in the world of investment, thanks to the retail investors who drove up GameStop’s share price. These individual investors bought GameStop shares not only because of the face value of the stock but also the underlying value it represents. But it occurred to me that when it comes to this new principle of investing, Hong Kong investors are actually ahead of their American counterparts.

I am thinking the Hong Kong people who bought Hong Kong Television Network (1137) shares a few years ago. Many of these investors were attracted not by the fact that the growth potential of the stock that was underestimated, but the value represented by this company. Free-to-air television programme service licences are Hong Kong’s public property. Investors who bought Hong Kong Television Network believe that having a choice is of great importance.

I am also thinking the Hongkongers who snapped up the shares of Next Digital (282) a few months ago. They did that not because the stock had great growth potential but because of the value embodied by Next Digital. The Fourth Estate is the bedrock of freedom of speech and these investors believe they have to help protect Apple Daily, the only mainstream newspaper that dares to speak up.

The same goes for investors snapping up GameStop’s shares. Some people I know bought GameStop shares even though they are newbies in the stock market and have just figured out how to open an investment account. Their action is tantamount to saying no loudly to big investors who always win and never allow themselves to be defeated. From what I have learned from Investopedia, investing in a value means investing in stocks whose intrinsic value is underestimated. It is not just about investing in the intrinsic value in the book, but also the intrinsic value represented by the company. Such a value, which is more precious than the book value, is seriously underestimated or even ignored under the current stock trading system.

Perhaps what has happened to GameStop is the beginning of something else. Perhaps what we are witnessing is not only a passionate, audacious fight against big investors by individual investors who do not want to be the latter’s puppets. We may be witnessing the genesis of a new kind of market logic. This is the real revolution of the times. Let’s keep it up.

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