China Company That Soared 4,500% Is Puzzled Again by New SurgeBy
Nasdaq halts trading in Wins Finance as stock keeps doubling
Spokesman says he doesn’t know what’s driving up the shares
The stock climbed as much as 184 percent to $230 on Wednesday -- up from about $20 at the start of this month -- before Nasdaq halted trading of the shares. In a statement, the exchange said trading won’t resume until the company has “fully satisfied Nasdaq’s request for additional information.” A spokeswoman for the exchange declined to comment further.
“We really don’t know what’s going on,” David Rudnick, an investor relations representative for Wins in New York, said by phone as the stock doubled on Tuesday. As it continued the hot streak Wednesday, he said it’s not his job to respond to Nasdaq. “I don’t know who would know” what information the exchange needs, he said.
Wins said in February that it couldn’t explain what had driven up its stock in the initial rally. The company’s market value later tumbled by billions of dollars after Bloomberg reported in March on the mystery. Last Thursday, the company was worth around $400 million. On Wednesday, it had a market capitalization of more than $4 billion.