Hot Chinese ADRs Turned Down in Morning Trading; Missfresh Tumbled Over 20% After Surging 410% in 2 Days

Tiger Newspress2023-08-08

Hot Chinese ADRs turned down in morning trading; Missfresh Limited tumbled over 20% after surging 410% in 2 days.

The Chinese online grocery company said in May that it received a Nasdaq notification related to the late filing.

Missfresh said Thursday that the investors agreed to pay $27 million for Class B stock, subject to the satisfaction of certain closing conditions. Upon the completion of the transactions under the agreements, the new investors will hold Class B stock representing 88.1% of the company's total issued and outstanding shares. The investors agreed to delegate voting rights to Chief Executive Zheng Xu.

The company also agreed to buy digital-marketing company Mejoy Infinite for $12 million.

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Comments

  • Miker9110
    2023-08-09
    Miker9110
    Oh
  • 1M55
    2023-08-08
    1M55
    It was expected. China disappointing data is a key sign of deflation. The economy is not doing well. Depreciation of RMB and the country debt will force it to be Japan yesterday. Stagnation is real for china. 
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