Microsoft strongly encourages users to switch to a different browser than Internet Explorer as it no longer meets modern web and security standards. Therefore we cannot guarantee that our site fully works in Internet Explorer. You can use Chrome or Firefox instead.

Why TuanChe Stock Doubled Today

TheMotleyFool

0 0

Shares of TuanChe (NASDAQ: TC), which is an omnichannel auto retailer in China, rose as much as 118% on Oct. 22. By the end of the day, the stock was still higher by roughly 98%, so it held on to most of that gain. While that's a gigantic price increase for a single day, nothing specifically changed with the company.

TuanChe trades in the United States as an American depositary share (ADS). Each ADS is equivalent to a set number of Class A ordinary shares. That number had been 1 ADS to 4 Class A shares. But on Oct. 20, the company announced that it would be changing the ratio to 1 ADS to 16 Class A shares. The change was to take effect at the start of trading today.

Image source: Getty Images.

Source Fool.com

Like: 0

Share