Grand Vision Media Holdings Plc can’t explain a surge in its stock price, after the tiny London-listed firm rallied as much as 4,900% in two days.
(Bloomberg) — Grand Vision Media Holdings Plc can’t explain a surge in its stock price, after the tiny London-listed firm rallied as much as 4,900% in two days.
The company “notes the movement in its share price and confirms that it knows of no commercial or operational reason for the increase,” it said in a statement Tuesday. Grand Vision Media, founded in Hong Kong, makes 3D billboards and has installed over 200 screens in Chinese cities, according to its website.
The shares fell 36% as of 10:00 a.m. UK time, giving Grand Vision Media — which trades on London’s AIM market for growth companies — a market capitalization of £3.4 million ($4.2 million).
Day traders expressed bemusement at the surge on Twitter, comparing it to so-called meme stocks traded in the US, like GameStop Corp.
Chinese stocks have been climbing this year after the country’s reopening from Covid Zero curbs. Meanwhile, Grand Vision Media is not the first stock with China ties to see a huge rally. Last year, Addentax Group Corp., a garment manufacturer, climbed more than 13,000% from its initial public offering price in New York.
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