2023-07-07 11:47:50 ET
- Shares of Hong Kong-based asset management firm Prestige Wealth ( NASDAQ: PWM ) have continued to soar after their market debut, more than doubling in value when trading opened on Friday.
- The stock has since pared gains and was 70% higher at the time of writing.
- Prestige ( PWM ) had slashed its mini-IPO in the U.S. to $5M from the $15M originally planned . It is likely that the stock's low nominal price has attracted traders.
- "Given the firm's dropping revenue, extremely high valuation expectations and regulatory risks being a Chinese company, my outlook on the IPO is on Hold," said Investing Group Leader Donovan Jones .
- Other low-float Chinese financial services stocks also rose on Friday: TOP Financial ( TOP ) +10.2% , Top KingWin ( TCJH ) +3% , Dunxin Financial ( DXF ) +2.5% .
- The IPO market has been thawing in recent days, after a protracted break as traders were put off by broader macroeconomic uncertainty. There have been 80 IPOs in the U.S. so far this year.
- Now read - U.S. IPO Weekly Recap: Sizable Deals Close Out Q2 IPO Market
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Prestige Wealth stock continues to soar after market debut