rongsheng reddit in stock

Rongsheng Petro Chemical Co, Ltd. specialises in the production and marketing of petrochemical and chemical fibres. Products include PTA yarns, fully drawn polyester yarns (FDY), pre-oriented polyester yarns (POY), polyester textured drawn yarns (DTY), polyester filaments and polyethylene terephthalate (PET) slivers.

A little-known Hong Kong-based company appears to have become the latest obsession of traders on the popular Reddit forum WallStreetBets, helping its stock shoot up 21,000% since its IPO less than a month ago.

(AMC), which both saw historic upticksafter retail investors on the subreddit WallStreetBets seized on what they saw as the companies’ undervalued stocks.

A little-known Hong Kong-based company appears to have become the latest obsession of traders on the popular Reddit forum WallStreetBets, helping its stock shoot up 21,000% since its IPO less than a month ago.

The frenzy is reminiscent of the January 2021 run-up in shares of GameStop and AMC, which both saw historic upticks after retail investors on the subreddit WallStreetBets seized on what they saw as the companies" undervalued stocks.

WASHINGTON, Jan 27 (Reuters) - Shares of video game retailer GameStop Corp (GME.N) surged nearly 700% over the past week as retail investors piled in to the stock, appearing to be urged on by bullish posts in popular online forum Reddit as opposed to any fundamental changes in the company"s finances or prospects. GameStop"s interstellar surge has sparked calls for regulatory scrutiny. Why?

Regulators are likely to explore whether Reddit was used in a similar way, after thousands of messages hyped up the stock and urged other investors to hold on to their shares or buy more.