QuantumCTek’s Stock Spikes 924% In Trading Debut
On Thursday, the stock of a Chinese technology firm known as QuantumCTek skyrocketed 924%, according to Bloomberg.
QuantumCTek is a quantum technology company that specializes in quantum key distribution, a secure communication method implementing a cryptographic protocol using the components of quantum mechanics.
The firm listed its shares in the Shanghai Star market with a price of 36.18 yuan ($5.18) per share, and they rose by more than tenfold, 924% above its original price. This broke the record of a 614% first-day jump accomplished by Tinavi Medical Technologies Co. on Tuesday. Geovis Technology also made a great Wednesday debut with a 438% rise in its stock price.
Since June 30, the Shanghai Star market has added more than $1 trillion of value increasing the hype around Chinese tech initial public offerings (IPOs).
According to China Knowledge, QuantumCTek earned $37 million in revenue last year with a $7 million dollar in net income. Therefore, the firm is valued at more than 110 times sales and 600 times net income.
By: Kimsreng Lay