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