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.
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