Aug
08
This Obscure China Stock Suddenly Trades More Than JPMorgan
By-
Fangda Carbon’s surging volume sparks exchange warning
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Stock has gained 200% since late June in a sleepy China market
Fangda Carbon New Material Co. isn’t typically a name that jumps to mind when one thinks of the world’s most-actively traded stocks.
Yet for reasons unknown, shares of this obscure Chinese maker of graphite electrodes are suddenly changing hands at a pace usually reserved for the global equity market’s crème de la crème.
On Friday, Fangda Carbon was the 11th most-traded common stock in the world, despite a middling $8.4 billion market capitalization that failed to crack the global top 1,500. Its turnover exceeded that of JPMorgan Chase & Co., which has a market value of $331 billion, and came within striking distance of Microsoft Corp., a $558 billion behemoth…
This Obscure China Stock Suddenly Trades More Than JPMorgan
