Frantic trading in VinFast has raised eyebrows, but it's still far from becoming a meme stock.
After a head-scratching six-day winning streak, VinFast has lost 60% this week, cutting its gains since its market debut to about 170%.
No meme stock VinFast's short-lived rally is reminiscent of the trading frenzy last year in AMTD Digital, a little-known Hong Kong-based fintech company, where the stock was up more than 20,000% in just two weeks.
The stock is now trading at $5.60 apiece, nearly 30% lower than its initial public offering price of $7.80.
The SPAC market dried up over the past year as interest rates surged and regulatory pressure ramped up.
Persons:
VinFast, Marco Iachini, I'm, Iachini, Alex Harring
Organizations:
Ford, GM, Vanda Research, AMTD, GameStop, Nasdaq, Black
Locations:
VinFast, Hong Kong