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Hong Kong-based GigaCloud recovers as broader market slumps on China concerns


Hologram for the first time to the public, a panoramic view of Bangkok at night.  Financial hub for multinational corporations in Asia.  The concept of driving growth by the IPO process.  Face to face.

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GigaCloud is based in Hong Kong (NASDAQ:GCT), which is due to release its third-quarter earnings report later this week, saw its shares rise 16% Monday afternoon amid Wall Street’s price drop due to concerns. on civil unrest in China over new COVID-19 restrictions.

The e-commerce provider’s stock opened at $6.09, recently changing hands at $7.17 around 2:15 p.m. ET. company is scheduled release reports third-quarter earnings before the market opens on November 30.

GigaCloud held its initial public offering on August 18. raised $36 million. Stock skyrocketed more than 200% the next day and hit an all-time high of $62 on August 22, but has been trending lower since. Shares slid to a 52-week low of $4.14 on Nov. 3.

For more on GigaCloud, check out SA Bamboo Works Contributor’ "GigaCloud Joins Wall Street Parade of China Meme Stocks".

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