Shares of a Chinese firm soared over 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 began Friday, Jianzhi Education Technology blasted above $160 a share, after its IPO priced at $5 a share. Shares later pared gains to 2,000%.
The firm is a provider of digital education content in China. It is expected to raise $25 million in proceeds from the 5 million American Depository Shares that were offered.
Meanwhile, shares of Chinese tech firm AMTD Digital skyrocketed 32,229% from its July IPO to early August, and even the firm wasn’t sure why. It traded above $1,700 August 2, but has plunged back to about $170 this week.
And during the first week of August, Magic Empire Global added 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.
