A tiny Nevada-incorporated holding company with ties to China just returned investors a massive one-day gain. Addentax Group Corp., whose subsidiaries conduct a majority of their operations in China, saw its shares soar as much as 13,031% on Wednesday after making its debut on the Nasdaq. The stock was halted more than 25 times for volatility and reached as high as $656.54 after pricing its listing at $5 per share. The wild rally is the latest in a string of Hong Kong and Chinese companies, incl
(Bloomberg) — A tiny Nevada-incorporated holding company with ties to China just returned investors a massive one-day gain. Addentax Group Corp., whose subsidiaries conduct a majority of their operations in China, saw its shares soar as much as 13,031% on Wednesday after making its debut on the Nasdaq. The stock was halted more than 25 times for volatility and reached as high as $656.54 after pricing its listing at $5 per share. The wild rally is the latest in a string of Hong Kong and Chinese companies, including AMTD Digital Inc. and Magic Empire Global Ltd., that have seen outsized gains following their US trading debuts.
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