Shares of China-based online brokerage firm Zhong Yang Financial Group (NASDAQ:TOP) are soaring Wednesday amid post-IPO volatility.
Zhong Yang offered 5 million shares of its common stock for $5 per share in its IPO on Wednesday, generating about $25 million in proceeds before deducting underwriting discounts and offering expenses.
Zhong Yang shares opened for trading at $25 per share before pulling back. The stock has been halted for volatility twice during Wednesday's trading session. The stock's low float appears to be the main driver of the increased volatility.
Zhong Yang is an online brokerage firm in Hong Kong specializing in the trading of local and overseas equities, futures and options products.
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TOP Price Action: Zhong Yang has traded between $12.60 and $27.50 on Wednesday.
The stock was up 306.93% at $20.35 at press time, according to data from Benzinga Pro.
Photo: StockSnap from Pixabay.
