On Aug 31st, Addentax Group Corp. (Addentax), an obscure garment producer in Communist China was listed on Nasdaq, with its stock price soaring by 13,000% on the debut day. Its share price skyrocketed from the $5 offer price to $656.64, making its market value surpass Fox Corp. and Hewlett Packard Enterprise Co.. Nevertheless, the company’s stock price experienced an eerie plunge by 95% on Sep 1st and further fell by 47% to $16 at 10:42 on Sep 2nd. As of the close, Addentax’ market value has declined by 68.03% in total to $9.59 that day.
Addentax is headquartered in Nevada, its main businesses include apparel production and logistics services.
It is also learnt that Addentax was not the first Communist China stock with such performance. Over the last month, Hong Kong-based companies AMTD Digital Inc. and Magic Empire Global Ltd. also showed similar dramatic stock price fluctuation.
As was reported, Addentax is the 8th company from Hong Kong and Communist China this year that witnessed such drastic fluctuations after its initial public offering in the U.S.
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