A Chinese stock is skyrocketing 3,100% in its debut on US markets, following a trend of little-known stocks from China that soar in an IPO
- Chinese stock Jianzhi Education soared over 3,100% in its Friday debut on US markets.
- The provider of digital education materials priced its IPO at $5 per share late Thursday, then shot up above $160 on Friday.
Shares of a little-known Chinese company skyrocketed more than 3,100% Friday as it debuted on the New York Stock Exchange, following other Chinese stocks that also had massive initial public offerings recently.
As trading commenced Friday, Jianzhi Education Technology soared to over $160 a share, after its IPO priced at $5 a share. Shares later pared gains to 2,000%.
The provider of digital education content in China expected to raise $25 million in proceeds from the 5 million American Depository Shares that were offered.
Similarly, shares of Chinese tech firm AMTD Digital jumped 32,229% from its July IPO to early August, and even the company wasn't sure why. It traded above $1,700 August 2, but has fallen back to about $170 this week.
And during the first week of August, Magic Empire Global climbed as much as 5,799% in its debut. The obscure Hong Kong-based company had priced its IPO at $4 a share, and it rose all the way to about $235 even as no apparent news seemed tied to the rally.
Magic Empire Global also dropped after its early, massive rally, and is now trading at about $7.