Who says U.S.-listed China stocks have become investor pariahs?
Not e-commerce site GigaCloud Technology Inc. (GCT.US), whose shares came roaring out of the gate with a 300% jump in their New York trading debut last Friday. The company sold IPO shares at $12.25, representing the upper end of their previously given range. Such strong pricing is always a good indicator of strong investor demand, though it’s unlikely anyone would have predicted the big jump that saw the stock close at $48.01 on its first trading day.
In fact, GigaCloud, which operates a business-to-business (B2B) e-commerce marketplace, appears to be the latest meme stock favored by day traders looking to make a quick buck. Such stocks burst into the headlines last year when traders on the Reddit website managed to briefly bid up shares of laggards like game store operator GameStop (GME.US) and theater operator AMC (AMC.US) to meteoric heights.