Deals
Chinese Company Delays Purchase of Nasdaq Stock That Jumped 4,500%
- Wins shares plunge in New York, after dropping 20% Thursday
- Freeman FinTech says it needs more time for deal update
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Wins Finance Holdings Inc., the Chinese loan guarantor that rode a mysterious 4,500 percent stock surge, plunged for a second day after a potential buyer said it needed more time to brief shareholders on the deal.
Wins lost almost half, or $2.7 billion, of its market value during the two-day slide that began after Bloomberg News reported on the puzzling gain in the company’s stock. The shares tumbled 35 percent to close at $144.99 in New York, following a 20 percent drop on Thursday. Wins is now worth less than $3 billion, and is no longer the best performer in the Nasdaq Composite Index over the past year.