Shares of Vinfast, a Vietnamese electric vehicle company, plummeted 44%.

The stock price of VinFast , an automobile company of the Vin Group , called ‘Vietnam’s Samsung’, plunged nearly 44% on the New York Stock Exchange on the 29th (local time). Since its debut on the New York Nasdaq market on the 15th, it has risen by a whopping 688% until the 28th, as well as continuing its upward trend for 6 days in a row before falling. According to Bloomberg, Vinfast’s share price closed on the 29th at $46.25 (about 61,300 won), down 43.84% from the previous trading day. On the 28th, the New York Stock Exchange soared 19.75%, recording a market capitalization of $191.2 billion (approximately 252.7281 trillion won), but the stock market rally suddenly stopped. Even though Vinfast’s share price plummeted that day, its market capitalization recorded about $107 billion (about 141.775 trillion won), more than FedEx메이저놀이터 and BlackRock.

VinFast has been attracting attention since its debut on the Nasdaq market in New York. On the first day of listing on the 15th, the stock price rose by 251%, and then fell for three days in a row, as if the driving force for the stock price had disappeared. However, after the stock price rallied again, on the 28th, the market capitalization (191.2 billion dollars) rose to the third place in the world after Tesla and Toyota Motors. VinFast’s market cap is close to $200 billion (approximately 265 trillion won) in just 10 trading days. Compared to the fact that it took 3,600 trading days for Tesla’s market cap to break through $200 billion, this is unrivaled.

However, there are 1.3 million shares that can be traded, which is only 1% of the total shares, raising concerns that Vinfast’s stock price will continue to plunge and soar. Bloomberg said, “It is difficult to justify the soaring stock price of VinFast based on fundamentals alone.” Nasdaq is currently stepping up its scrutiny of small company initial public offerings ( IPOs ). The remaining 99% of VinFast shares are owned by Palm Nut Vuong, VinFast founder and chairman and chairman of Vingroup.

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