Santeng Technology (stock symbol SNTG) officially landed on Nasdaq on Friday, triggering a circuit breaker after it rose more than 700% at one point in early trading, and then triggered a circuit breaker several times after it rose as high as 900% in early trading.
At the close, the company's shares rose 597.80% to $34.89, with a market capitalization of $480 million.
Santeng previously announced the pricing of its initial public offering, offering 4000000 common shares at $5 a share, at the lower end of the $5-$6 range.
Santeng Technology is a financial service provider that mainly provides financial services in China, including consumer loan repayment and collection management, loan recommendation, and prepayment network services. Its main revenue source is consumer loan repayment and collection management services.
In 2018, 2019 and 2020, Santeng's total revenue was $6.3895 million, $3.9653 million and $3.5954 million, respectively, and its net profit was $1.1545 million, $1,834,400 and $1,587,400, respectively.
The IPO of Santeng Technology is underwritten by Network 1 Financial Securities.