Starting this thread so we have a place to track Network 1 shady Chinese IPOs.
We have seen several very suspicious Chinese stock IPOs over the last month or so. The ones that pumped and then dumped the hardest were all brought to market by Network 1 Financial Securities. They have a whole division dedicated to bringing these companies to the market. Tickers we have seen recently from Network 1 were STBX, MEGL, and HKD/ATMD.
Thread title and body edited to remove Alopexx, Inc. (ALPX) as a Network 1 IPO. Thank you for looking into this @derfam !
Says here the underwriters are Think equity.
However there is a ticker where network 1 are the underwriters and is IPOing on friday, LRE.
Thank you for taking a closer look, I will have to go take another look at the twitter thread I saw where some people were discussing this.
I had an order in for $100. I got this message from webull this morning. Network 1 may have thought that pumping a Chinese IPO 2000% right now might get attention they do not want.
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According to Webull, LRE will start trading on November 8th.
REMINDER: Supposedly, this begins trading today.
Is the tricker name ALPX? It halted on Robinhood
It should be LRE (Lead Real Estate). Webull had it begin trading today, but I can’t seem to find it anywhere. It looks like it got postponed again
I think that might be the case; I’m having trouble finding it as well. Thanks for the reminder on this one!
Network 1 Financial Securities Chinese IPO. High risk.
HENGGUANG HOLDING CO., LIMITED will trade under the ticker HGIA.
PRELIMINARY PROSPECTUS DATED January 6, 2023
First one in a while, it will be interesting to see if they can send one in this environment. No position, just watching as this popped up on a google search I set for Network 1 Financial.
According to Webull, HGIA will begin trading on January 13th. LRE also set to begin trading at the end of the month.
According to IBRK, LRE is currently available for trading.