Chinese Concept Stock Briefly Hits USD5.4 Trillion Market Cap After Fat Finger Error

Chinese Concept Stock Briefly Hits USD5.4 Trillion Market Cap After Fat Finger Error

Zhang Yuanke

Date: Fri, 08/11/2017 - 14:25 / source:Yicai
Chinese Concept Stock Briefly Hits USD5.4 Trillion Market Cap After Fat Finger Error
Chinese Concept Stock Briefly Hits USD5.4 Trillion Market Cap After Fat Finger Error

(Yicai Global) August 11 -- The share price of Hailiang Education [NASDAQ:HLG], a Chinese concept stock listed in the US, skyrocketed from USD10.18 to USD199,999.99 per share after a fat finger (trading) error yesterday evening, Beijing time.

The K-12 educational services provider subsequently suspended trading before resuming at 9.43 a.m., Eastern Time Zone. The price then fell back down to USD10.19 per share.

A total of 700 shares were traded before the suspension, with a total transaction volume of USD140 million.

The fat finger error led to Hailiang Education reaching a total market value of USD5.4 trillion, higher than the total value of the four FANG companies: Facebook Inc. [NASDAQ:FB], Amazon.Com Inc. [NASDAQ:AMZN], Netflix [NASDAQ:NFLX], and Google owner Alphabet Inc. [NASDAQ: GOOGL]) combined.

The company’s share price hit a high of USD10.98 per share today and is valued at USD10.35 as of 1.48 p.m. Beijing time, up 3.97 percent.

Hailiang Education Group is a non-governmental primary and middle school education group. It began trading on the NASDAQ in July 2015 to become the first full-time elementary education company to list in the US. 

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Keywords: Hailiang Education, Fat Finger