Following Reuters' story that South Korea's Star Group Industrial intends to construct a factory in Vietnam, VinFast's shares increased by more than twofold on Tuesday, reaching their highest level since the Vietnamese electric vehicle manufacturer's explosive Wall Street debut.
VinFast's shares was last up 127% at $40.24 in the most volatile session since its backdoor offering last week, giving it a market worth of $95 billion. Earlier in the day, the stock reached a high of $46.08.
Following its partnership with SPAC partner Black Spade Acquisition, the cash-burning company experienced a meteoric rise when it began trading on the American stock market on Tuesday with an opening price of $22.
The creator of the electric vehicle company, Pham Nhat Vuong, owns 99% of the company, hence the stock is volatile due to the small number of publicly traded shares. In the previous six sessions, it has increased or decreased by at least 14% every day.
On trading website Stocktwits' "Trending" list on Tuesday, the stock was ranked second, indicating that individual investors are interested in it.
As of midday, shares of VinFast had changed hands for just $428 million, compared to Tesla's turnover of over $17 billion.
According to Reuters, Star Group Industrial, a magnet supplier to VinFast and Hyundai Motor (005380.KS) in South Korea, will invest $80 million in a new factory in Vietnam, with operations set to begin in 2024.
The investment, according to SGI, is one of several "countermeasures" against potential Chinese trade restrictions.
(Source:www.usnews.com)
VinFast's shares was last up 127% at $40.24 in the most volatile session since its backdoor offering last week, giving it a market worth of $95 billion. Earlier in the day, the stock reached a high of $46.08.
Following its partnership with SPAC partner Black Spade Acquisition, the cash-burning company experienced a meteoric rise when it began trading on the American stock market on Tuesday with an opening price of $22.
The creator of the electric vehicle company, Pham Nhat Vuong, owns 99% of the company, hence the stock is volatile due to the small number of publicly traded shares. In the previous six sessions, it has increased or decreased by at least 14% every day.
On trading website Stocktwits' "Trending" list on Tuesday, the stock was ranked second, indicating that individual investors are interested in it.
As of midday, shares of VinFast had changed hands for just $428 million, compared to Tesla's turnover of over $17 billion.
According to Reuters, Star Group Industrial, a magnet supplier to VinFast and Hyundai Motor (005380.KS) in South Korea, will invest $80 million in a new factory in Vietnam, with operations set to begin in 2024.
The investment, according to SGI, is one of several "countermeasures" against potential Chinese trade restrictions.
(Source:www.usnews.com)
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