“Investors still think they can play this high-stakes game of musical chairs,” said Tommy Tranfo, head of community at Stocktwits.
Despite the opacity of China’s economy, small-cap Chinese stocks continue to attract attention, according to Stocktwits, a social platform for investors and traders.
Tranfo explained that one of the biggest challenges related to Chinese stocks is working out exactly what is happening in China. “It’s impossible to know what is true coming out of China,” he said. “Any financial news or data that comes out of China has so many grains of salt associated with it that it’s inedible.”Nonetheless, a host of small-cap Chinese stocks, notably TOP Financial Group Ltd. TOP, -6.10%, sparked meme-like attention earlier this year.
But there’s still interest in Chinese stocks, according to Tranfo, who pointed to insurance-technology specialist Cheche Group Inc.’s CCG, -35.73% recent merger with special purpose acquisition company Prime Impact. The combined company began trading on the Nasdaq on Sept. 18, with its stock surging more than 581% that day.“When our community sees that kind of activity, they raise their eyebrows,” Tranfo said.
Luckin subsequently became been embroiled in a financial misconduct investigation that caused its stock to collapse. The Starbucks Corp. SBUX, -1.92% rival was eventually delisted from the Nasdaq but is now trading over the counter.In an attempt to find out what was happening at Luckin, some investors on the Stocktwits platform dived deep into the company’s operations.
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