Over Seoul I’m a two-seater drone taxi from China’s Lee Hang-sa on November 11, 2020 [자료사진]
Seohak ant also’cries and laughs’ at the change in stock price of’binary’
Due to the price fluctuations of the roller coaster of Chinese drone company Lee Hang, Seohak ants moved between cold and hot baths within one day.
Lee Hang Holdings, which plunged 62% the day before due to negative reports from US short-selling investors, soared again 68% on the New York Stock Exchange overnight.
Lee Hang finished the market at $77.73 a share on the NASDAQ market, up $31.43 from the previous day’s closing price of 46.30.
However, this is still a 37% drop from the 12th closing price of $124.09, before the stock price plummeted due to the short selling report, indicating only 40% of the previous day’s decline.
Short-selling report plunged and surged again in refutation
Lee Hang’s stock price plunged was caused by a 33-page short selling report from Wolfpack Research, a short selling investor.
When Wolfpack Research visited Kunshang, a customer who signed a large-scale contract with Lee Hang for $65 million, it was a weird hotel, and said that the headquarters of Lee Hang had only a warehouse-like building and no production facilities.
“Lee Hang has been lying about production, manufacturing, sales and business cooperation,” he wrote in the report.
By the way, yesterday’s stock price soared again as Lee Hang’s side refuted the report as false.
In a statement, Lee Hang said in a statement that Wolfpack Research’s report is full of unconfirmed statements and misinterpretations with numerous errors, and that it is considering taking appropriate and necessary actions to protect the interests of shareholders.
The South China Morning Post reported that “Spokesman Lee Hang-eui will release concretely refutable material sooner or later.”
It is known that the valuation loss of Seohak ants investing in foreign stocks in the aftermath is also huge.
It was estimated that the amount of stocks in binomial stocks held by Seohak ants gave more than 60%, from KRW 67.8 billion on the 16th to KRW 2287 billion on the 17th.