Addentax price rises 13,000 percent in the US

Nasdaq Building in New York

The US stock market is the scene of another capital market mystery.

(Photo: AP)

new York Another Chinese company surprised investors on its first day on the US stock exchange with a soar: The share price of the corporate holding company Addentax rose by 13,000 percent on the Nasdaq on Wednesday. Trading was stopped more than 20 times due to the extreme price movement.

The company’s market value rose to $20 billion. It outperforms about a third of the companies listed in the S&P 500. The reasons for the drastic increase are unclear. The Nevada-based holding company could not initially be reached for comment.

Addentax’s main business areas are textile production and logistics services. Addentax was initially founded as a shell company. In December 2016, the company took a majority stake in its current operating entity, Yingxi Industrial Chain. The company was traded over-the-counter on OTC Markets before going public on the US technology exchange this week.

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