Chinese Stock’s Wild Run Sees $19 Billion Wiped Out in Two Days

(Bloomberg) — It’s been a wild stock market debut for an obscure Chinese garment manufacturer, whose market value has evaporated to less than $600 million from more than $20 billion in the space of a few days.

Addentax Group Corp.’s comedown has been as quick as its rise. The stock had a dizzying 13,000% surge Wednesday in its Nasdaq debut, which saw its market value surpass that of Fox Corp. and Hewlett Packard Enterprise Co., only to give up much of the move over the next two days.