{"id":2856,"date":"2023-05-01T15:30:26","date_gmt":"2023-05-01T19:30:26","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/chinese-small-cap-stocks-surge-in-meme-like-rally\/"},"modified":"2023-05-01T15:30:26","modified_gmt":"2023-05-01T19:30:26","slug":"chinese-small-cap-stocks-surge-in-meme-like-rally","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=2856","title":{"rendered":"Chinese small-cap stocks surge in meme-like rally"},"content":{"rendered":"<div>\n<div id=\"imgCarousel\" class=\"imgCarousel\">\n<p><span class=\"text\">\u00a9 Reuters. FILE PHOTO: A man wearing a protective mask is seen inside the Shanghai Stock Exchange building at the Pudong financial district in Shanghai, China February 28, 2020. REUTERS\/Aly Song\/File Photo<\/span><br \/>\n<i class=\"imgGrad\"><\/i>\n<\/div>\n<p>By Chibuike Oguh and Bansari Mayur Kamdar<\/p>\n<p>NEW YORK (Reuters) &#8211; The U.S.-listed shares of small and micro-cap Chinese firms soared on Friday, reminiscent of meme-like rallies last summer that were underpinned by strong demand from retail investors.<\/p>\n<p>So-called meme rallies are unusual share price gains, driven by social media sites patronized by individual traders. <\/p>\n<p>Online brokerage firm Top Financial Group Ltd spiked 645% to $149 per share in afternoon trading on Friday, continuing the trajectory recorded during premarket trading and giving the company a market capitalization of about $5 billion.<\/p>\n<p>The stock had nearly tripled to $20 per share in regular hours on Thursday and closed at a total market value of $701 million. <\/p>\n<p>Magic Empire Global Ltd, a provider of financial advisory and underwriting services, jumped 328% to $3.97 per share. It had closed at $0.93, shedding 7.2%, with a market capitalization of $18.8 million during regular market hours on Thursday.<\/p>\n<p>Both Top Financial and Magic Empire are currently two of the most watched stocks on Stocktwits, a website that is popular among retail investors. Magic Empire was the third-most traded stock by retail investors as of 1 p.m. ET (1700 GMT), according data tracked by J.P. Morgan Chase.<\/p>\n<p>Top KingWin Ltd, a provider of consulting and advisory services, gained 39%, and U Power Ltd, which is launching automated battery-swapping stations for electric vehicles in China, is up 20%. Both firms listed on the Nasdaq last week after pricing their respective initial public offerings.<\/p>\n<p>&#8220;These are the latest in a years-long pattern of dozens of Nasdaq-listed companies being used by offshore scammers to run pump and dump schemes,&#8221; said Nathan Anderson, founder of short selling firm Hindenburg Research.\u00a0<\/p>\n<p>\u00a0\u00a0 &#8220;Nasdaq should be halting these tickers, but the exchange instead seems content to collect listing fees through brazen fraud operating in broad daylight,&#8221; Anderson added.<\/p>\n<p>A Nasdaq spokesperson declined to comment.<\/p>\n<p>Nasdaq, however, had in October halted IPO preparations of at least four small Chinese companies while it was investigating short-lived stock rallies of such firms following their debuts, and along with the non-governmental securities body\u00a0Financial Industry Regulatory Authority (FINRA) in November warned about a heightened threat of fraud involving small-cap IPOs, driven partly by a social media-driven pump-and-dump scheme called &#8220;pig butchering.&#8221; <\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.investing.com\/news\/stock-market-news\/chinese-smallcap-stocks-surge-in-memelike-rally-3067966\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a9 Reuters. FILE PHOTO: A man wearing a protective mask is seen inside the Shanghai Stock Exchange building at the Pudong financial district in Shanghai, China February 28, 2020. REUTERS\/Aly Song\/File Photo By Chibuike Oguh and Bansari Mayur Kamdar NEW YORK (Reuters) &#8211; The U.S.-listed shares of small and micro-cap Chinese firms soared on Friday, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2857,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-2856","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Chinese small-cap stocks surge in meme-like rally | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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