Investors lost billions of dollars in July betting on a handful of small US-listed Chinese stocks that plunged in value shortly after being heavily promoted on social media.
Seven Nasdaq-listed microcap stocks — Concorde International, Ostin Technology, Top KingWin, Skyline Builders, Everbright Digital, Park Ha Biological Technology and Pheton Holdings — all dropped more than 80 per cent over a few trading sessions in recent weeks.
The declines wiped a cumulative $3.7bn off their market value, according to price data analysed by predictive analytics firm InvestorLink. All seven stocks had surged before their sudden sell-offs, having been plugged to investors on WhatsApp groups and social media sites.
https://archive.md/uKn4k