Core Viewpoint - The surge in low-priced IPOs on Nasdaq, particularly from overseas microcap companies, raises concerns about financial viability and potential market manipulation [1][2][4]. Group 1: IPO Trends - A significant increase in microcap IPOs has been observed, with 164 low-priced stocks completing IPOs in the U.S. from early 2024 to September 30, surpassing the total of 106 from 2001 to 2023 [4]. - Among these, 147 were listed on Nasdaq, indicating a preference for this exchange despite the associated risks [4]. - The average price for these IPOs is set at a low threshold of $4, making them attractive to inexperienced retail investors [3][4]. Group 2: Performance and Risks - Research indicates that low-priced stocks have a poor performance record, with an average decline of 37% from their IPO price within a year, and a staggering 62% drop over three years for those listed between 2001 and 2023 [3][4]. - Many of these stocks are primarily targeted at retail investors, with little to no institutional interest, leading to concerns about their long-term viability [4]. Group 3: Case Studies - Megan Holdings, a microcap company with only four employees, raised $5 million through its IPO at $4 per share [1]. - QMMM Holdings, a digital advertising firm from Hong Kong, went public at $4 per share, raised $8.6 million, and saw its stock price surge over 1700% after announcing a cryptocurrency strategy, only to face a trading suspension due to potential market manipulation [4][5]. - Junee, another low-priced IPO, raised $8 million and later rebranded as Super X AI Technology, currently valued at $2 billion despite reporting revenues below $1 million and significant losses [6].
纳斯达克已成低价股IPO的首选市场