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Chinese small-cap stocks surge in meme-like rally

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NEW YORK : The U.S.-listed shares of small and micro-cap Chinese firms soared on Friday, reminiscent of meme-like rallies last summer that were underpinned by strong demand from retail investors.So-called meme rallies are unusual share price gains, driven by social media sites patronized by individual tra

NEW YORK : The U.S.-listed shares of small and micro-cap Chinese firms soared on Friday, reminiscent of meme-like rallies last summer that were underpinned by strong demand from retail investors.

Online brokerage firm Top Financial Group Ltd spiked 645 per cent to $149 per share in afternoon trading on Friday, continuing the trajectory recorded during premarket trading and giving the company a market capitalization of about $5 billion. Magic Empire Global Ltd, a provider of financial advisory and underwriting services, jumped 328 per cent to $3.97 per share. It had closed at $0.93, shedding 7.2 per cent, with a market capitalization of $18.8 million during regular market hours on Thursday.

Top KingWin Ltd, a provider of consulting and advisory services, gained 39 per cent, and U Power Ltd, which is launching automated battery-swapping stations for electric vehicles in China, is up 20 per cent. Both firms listed on the Nasdaq last week after pricing their respective initial public offerings.

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