TIRX - TIRX Stock: 6 Things to Know As Tian Ruixiang Plunges 80%
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Shares of Tian Ruixiang Holdings (NASDAQ:TIRX) are down more than 80% today. That’s an absolutely massive drop, and has taken TIRX stock from around the $95 level to below $15 per share at the time of writing.
The reason for the drop?
Well, really no one knows. There’s been radio silence in terms of updates on this company. However, speculation has been building in social media circles that some sort of pump-and-dump scheme has taken hold with this stock.
That said, Chinese stocks have been under pressure for some time. Deteriorating U.S.-China relations have resulted in a selloff in a range of ADRs tracking Chinese-listed companies. It appears investors are pricing in higher levels of risks with these stocks today. Indications that the U.S. could potentially delist Chinese companies that don’t comply with auditing standards has furthered these concerns. Accordingly, investors appear to remain skeptical on companies with headquarters based in mainland China today.
Given how little is known about TIRX stock, here’s some information to help fill the void.
Here’s What Investors Should Know About TIRX Stock
- TIRX initially went public in February, raising $12 million from its IPO.
- Accordingly, these funds were expected to be used to invest in infrastructure, R&D and general working capital.
- Tian Ruixiang bills itself as a China-based insurance broker. The company lists Beijing as its headquarters.
- It says it is an insurance broker specializing in property and casualty insurance and life insurance products. The company says it receives compensation from other insurance companies, paying commission for its sales as a broker.
- The company’s share price has been on an absolute tear this year. Shares of TIRX stock went from a low of $11.10 to as high as $103.87 before this recent plunge.
- Today’s plunge brings the stock price down to near its IPO levels.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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