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.
, which is launching automated battery-swapping stations for electric vehicles in China, is up 20%. Both firms listed on the Nasdaq last week after pricing their respective initial public offerings.
"These are the latest in a years-long pattern of dozens of Nasdaq-listed companies being used by offshore scammers to run pump and dump schemes," said Nathan Anderson, founder of short selling firm Hindenburg Research. "Nasdaq should be halting these tickers, but the exchange instead seems content to collect listing fees through brazen fraud operating in broad daylight," Anderson added.
Reporting by Chibuike Oguh in New York and Bansari Mayur Kamdar in Bengaluru Additional reporting by Medha Singh; Editing by Lance Tupper and Sharon SingletonChibuike reports on mostly large U.S.-based private equity firms, including Blackstone, KKR, Carlyle, and Apollo. He previously worked at Bloomberg News, and holds master's degrees in journalism from New York University and Edinburgh Napier University.
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