CRE says its IPO filing work jumped 482%. I'm trying to work out what that actually means in dollars.

Stock Pulse put CRE on my screen at 7:49 ET around $7.33. It briefly hit $8.25 in the alert minute, pulled back, then reached $8.60 at 10:26. That's roughly 17% above the alert with more than 1.2 million shares trading in the peak minute. A real window, although CRE had already climbed from $2.62 to above $7 before the alert.

The news sounds impressive. Cre8 says it served a record 550 customers in the first half, up 34.8% year over year. Hong Kong IPO filing submissions handled by the company increased from 11 to 64 — a 482% jump — and its project backlog also reached a record.

Filing: https://www.sec.gov/Archives/edgar/data/2003977/000121390026093735/ea030345401ex99-1.htm

What the release doesn't say is how much that backlog is worth, what those 64 filings generated in fees, or what first-half revenue and profit were. The operating trend may be genuinely strong, but the announcement gives almost nothing to value it with.

Was this the market pricing in a real Hong Kong IPO recovery, or a tiny float reacting to one very good-looking percentage?