Hong Kong-based GigaCloud rallies as broader market slumps over China concerns
Hong Kong-based GigaCloud (NASDAQ:GCT), which is slated to release its Q3 earnings report later this week, saw its shares jump 16% Monday afternoon amid a bearish session on Wall Street triggered by concerns about civil unrest in China over renewed COVID-19 restrictions.
Shares of the e-commerce services provider opened at $6.09, recently changing hands at $7.17 at approximately 2:15 p.m. ET. The company is scheduled to release its Q3 earnings report before market open on Nov. 30.
GigaCloud held its initial public offering on Aug. 18, raising $36M. The stock rocketed over 200% the next day and hit an all-time high of $62 on Aug. 22, but has been trending lower since. The shares slid to a 52-week low of $4.14 on Nov. 3.
For more on GigaCloud, check out SA contributor Bamboo Works' "GigaCloud Joins Wall Street Parade of China Meme Stocks".