A Chinese tech stock skyrocketed 924% on its trading debut, breaking the record for a first-day gain
- Shares in a Chinese tech company soared 924% during their trading debut on Thursday, according to Bloomberg.
- QuantumCTek's stock price rose more than tenfold to about 370 yuan ($53), boosting its market capitalization to north of $4.2 billion.
- The stock broke the Shanghai Star market's record for a first-day gain of 614%, set on Tuesday.
- QuantumCTek's market cap is more than 110 times its sales last year, and 600 times its net income.
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A Chinese technology stock skyrocketed 924% during its first day of trading on Thursday, according to Bloomberg.
QuantumCTek issued its shares at 36.18 yuan ($5.18) each, and they soared more than tenfold to close north of 370 yuan. The stunning increase boosted the group's market capitalization from the yuan equivalent of $414 million to over $4.2 billion.See the rest of the story at Business Insider
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