HK's GigaCloud plunges back to earth after stellar Nasdaq debut

GigaCloud Technology

22/08/2022 17:52

** GigaCloud Technology Inc's  GCT.O  shares dropping 19.2%
to $38.80 in their day of trading as risk-off sentiment pervades
Wall Street
    ** The Nasdaq  .IXIC  tumbles >2% on Mon on fears of
aggressive Fed, with 10-year U.S. Treasury yield  US10YT=RR 
topping 3% for first time in a month  .N 
    ** Hong-Kong based e-commerce firm's shares touched fresh
high of $62.00 on the session before plunging
    ** Shares on Fri notched a 206% gain, closing at $48.01,
joining meme-stock mania  urn:newsml:reuters.com:*:nL1N2ZV13X
    ** Co, backed by JD.com  9618.HK , on Mon said it exercised
full over-allotment option for a $41 mln gross raise at IPO
price of $12.25  urn:newsml:reuters.com:*:nGNXbv5qTt
    ** JD.com owns a 10.5% stake in GigaCloud post IPO, per SEC
filing https://www.sec.gov/Archives/edgar/data/1857816/000119312522224561/d160437d424b4.htm
    ** At GCT's current levels, co valued at ~$1.5 bln

 (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))