China's Jianzhi Education sinks after stunning Nasdaq debut

GigaCloud Technology

29/08/2022 15:42

** Jianzhi Education Technology Group's  JZ.O  shares down
47.7% at $9.80, a day after its eye-popping U.S. listing
    ** JZ on Fri opened at $126 vs $5 IPO price, then soared as
high as $186.01 in volatile trade before finishing session at
$18.75
    ** Beijing-based digital education sold 5 mln American
Depositary shares with AMTD Global Markets and Univest Secs as
underwriters for the offering (See SEC filing https://www.sec.gov/Archives/edgar/data/1852440/000121390022037454/ff12022a12_jianzhiedu.htm)
    ** ~2.9 mln shares have traded so far on Mon; just north of
5 mln shares exchanged hands on Fri, per Refinitiv data
    ** JZ joined a spate of recent China-to-U.S. IPOs that have
skyrocketed then plunged akin to meme-stock-mania  urn:newsml:reuters.com:*:nL1N2ZZ1CF

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))