GCT joins the ranks of other Hong Kong meme stocks
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Posted On: 08/20/2022 11:52:15 AM
GCT joins the ranks of other Hong Kong meme stocks like RGC, HKD, MEGL & AMTD. What's the hype?
GigaCloud Technology (GCT) is getting a major boost Friday following its initial public offering (IPO) Thursday.
That's due to meme stock investors taking notice of the fintech company.
This has shares climbing over 100% as heavy trading takes place.
GigaCloud Technology (NASDAQ:GCT) stock is continuing to rally on Friday after the Hong Kong-based fintech company launched its IPO yesterday.
That IPO saw the company list shares for $12.25 each and it included 2.94 million of them. That has the company expecting gross proceeds of $36 million from its IPO before deducting underwriter discounts.
GigaCloud Technology holding an IPO in the U.S. is somewhat surprising considering the delisting fears Chinese companies have faced. GCT isn’t worried about that though as it says it’s willing to switch auditors if need be to keep its U.S. listing.
What’s Behind the Rally of GCT Stock?
It looks like meme stock traders have latched onto GCT shares as one of their big investments. This has it joining other popular Hong Kong meme stocks, such as Regencell Bioscience, $RGC, AMTD Digital $HKD, AMTD IDEA, $AMTD and Magic Empire Global $MEGL.
$RGC was the IPO top performer for the year of 2021 with an increase of 190% (if one bought the stock on IPO and still holding).
That resulted in heavy trading yesterday as investors pumped up shares of GCT stock with its IPO. This saw shares rise as much as 62% yesterday and that momentum isn’t stopping today. As of this writing, more than 8 million shares of GCT stock have changed hands. While we don’t have a good daily average to compare that to, there’s no denying it’s a lot of momentum for the stock.
GCT stock is up 145.1% as of Friday morning.
https://investorplace.com/2022/08/gct-stock-a...ogy-today/
GigaCloud Technology (GCT) is getting a major boost Friday following its initial public offering (IPO) Thursday.
That's due to meme stock investors taking notice of the fintech company.
This has shares climbing over 100% as heavy trading takes place.
GigaCloud Technology (NASDAQ:GCT) stock is continuing to rally on Friday after the Hong Kong-based fintech company launched its IPO yesterday.
That IPO saw the company list shares for $12.25 each and it included 2.94 million of them. That has the company expecting gross proceeds of $36 million from its IPO before deducting underwriter discounts.
GigaCloud Technology holding an IPO in the U.S. is somewhat surprising considering the delisting fears Chinese companies have faced. GCT isn’t worried about that though as it says it’s willing to switch auditors if need be to keep its U.S. listing.
What’s Behind the Rally of GCT Stock?
It looks like meme stock traders have latched onto GCT shares as one of their big investments. This has it joining other popular Hong Kong meme stocks, such as Regencell Bioscience, $RGC, AMTD Digital $HKD, AMTD IDEA, $AMTD and Magic Empire Global $MEGL.
$RGC was the IPO top performer for the year of 2021 with an increase of 190% (if one bought the stock on IPO and still holding).
That resulted in heavy trading yesterday as investors pumped up shares of GCT stock with its IPO. This saw shares rise as much as 62% yesterday and that momentum isn’t stopping today. As of this writing, more than 8 million shares of GCT stock have changed hands. While we don’t have a good daily average to compare that to, there’s no denying it’s a lot of momentum for the stock.
GCT stock is up 145.1% as of Friday morning.
https://investorplace.com/2022/08/gct-stock-a...ogy-today/
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