Chinese E-Commerce Newcomers More Than Double Amid IPO Frenzy
(Bloomberg) -- Two Chinese stocks that started trading in New York this week more than doubled Thursday before paring back some gains amid an end-of-year frenzy for newly listed companies.
Oriental Culture Holding Ltd., a provider of e-commerce services for the collectibles and art market, climbed as much as 324%. And online organic food retailer Wunong Net Technology Co. rose as much as 147%, adding to the 440% jump in its second trading session Wednesday. Both stocks triggered a handful of volatility halts on Thursday.
The winnings far outshine a modest gain for Wish, a U.S. online retailer best known for cheap trinkets shipped direct from China. Its stock rose as much as 18% Thursday, which helped to claw back its losses Wednesday when it made its debut as the year’s worst performing large U.S. initial public offering.
Recently, losses in an IPO have been an exception to the rule as most listings in a flurry of activity before the year end have gotten off to a flying start. Most notably, Airbnb Inc. shares more than doubled in their debut last week, propelling the home-rental company to a $100 billion valuation. Meanwhile, food delivery service DoorDash Inc. also surged in its first trading session. Airbnb shares remain up this week, while DoorDash is lower.
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