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Nasdaq Freezes Chinese Small-Cap IPOs After Price Spikes

The Nasdaq Stock Market’s pause on new listings of small-cap Chinese companies adds more bad news for those companies still hoping to raise money and go public in the U.S. Photo: Michael M. Santiago/Getty Images

The Nasdaq Stock Market has quietly halted listings of small-cap Chinese companies, holding up approval letters and demanding more information about related parties in deals, after a series of meteoric run-ups—and dramatic collapses—in IPOs this year.

Shares of more than 20 recently listed companies have risen over 100% on their first day of trading. They include Hong Kong-based fintech company AMTD Digital which briefly jumped over 320-fold after its July listing, and Chinese garment maker Addentax Group which rose more than 130-fold on its market debut in August. The two stocks have since lost more than 98% of their value.

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