Asia > Eastern Asia > China > Hangzhou K-12 educator was six times Apple’s market value

China: Hangzhou K-12 educator was six times Apple’s market value


Hailiang Education Group Inc., a Hangzhou company that provides syllabuses from kindergarten to high schools, was the world’s most precious company for eight minutes overnight, next a fat-finger trading error caused its stock price to jump 20,000-fold.

Bids for the company’s stock were received at US$200,000 at 9:35 am New York time on Thursday on the Nasdaq market. A quote recap of the transactions showed 700 shares actually changing hands at that price, before trading was halted for eight minutes.

The transaction was later annulled, next which the stock’s price dropped to US$10.26, ending the day 4.5 % higher at US$10.34.

For eight minutes, the company’s market capitalisation was at US$5.14 trillion, six times the world’s most precious company.

Shareholders of Apple Inc need not lose sleep, for the iPhone maker is still the world’s biggest company, with a market price of US$831.9 billion at the end of Thursday trading. Alphabet Inc, the holding company of Google, was second in place with US$645 billion while Microsoft Inc was third place at US$558.2 billion, according to Bloomberg’s data.

[An investor in front of an electronic board showing stock data at a brokerage home in Shanghai on March 7, 2016. Contrary to world conventions, China’s stock market depicts gains and advances in red, showing declines in green. Photo: Reuters.] Hailiang is unaware of the reason for the sudden surge in its stock price and is looking into the issue, said the company’s investor relations officer Lyu Bo.

The company, founded 22 years ago in 1995, is China’s third-major private provider of K-12 education service, with three schools and an enrolment of 18,743 students, according to GF Securities. Listed on Nasdaq in December 2015, Hailiang reported a 2016 revenue of 4.12 billion yuan (US$617.6 million).

Its shares have surged 41 % this year, lagging the gains in its competitor New Oriental Education & Technology Group. Still, trading in the company’s stock has been halted no fewer than 100 times since July 2015, due to the Nasdaq’s Limit-up and Limit-Down triggers, according to Bloomberg’s data.

Related Articles
  • Chinese official expresses concern over political unrest in Pakistan

    2017/11/22 A top Chinese official has expressed concern over the prevailing political instability in Pakistan that could negatively impact the pace of the projects started under the ambitious USD 50 billion CPECBSE -4.45 % initiative, according to a media statement today. The Chinese delegation expressed weariness during the Joint Cooperation Committee (JCC) of the China-Pakistan Economic Corridor (CPEC) conference held here yesterday.
  • The Belt and Road Initiative and Asia’s changing order

    2017/11/15 In the two days of meetings from 8 November between President Donald Trump and President Xi Jinping in Beijing on Trump’s initial national visit, it appears that they did not talk at all about the Belt and Road Initiative (BRI). Trump’s tour reflected the tendency of his government to see Asia entirely through the lens of bilateral ties and crises. US Secretary of National Rex Tillerson and Trump have stated that the United States seeks to sustain and protect a free and open Indo-Pacific, but the inability to match that concept with either a meaningful strategic vision or substantive policy was plainly on display.
  • China, Vietnam Reach 'Consensus' To Uphold 'Peace In South China Sea'

    2017/11/13 Vietnam, the Philippines, Malaysia, Brunei and Taiwan as well have claims in the South China Sea, and the dispute has long been seen as a potential trigger for conflict in Asia. The Communist leaders of China and Vietnam reached a "consensus" on handling the contested South China Sea, Chinese national media reported Sunday, hours next US President Donald Trump offered to mediate in the dispute. Chinese President Xi Jinping met with Vietnamese Communist Party chief Nguyen Phu Trong during a national visit to Hanoi on Sunday, next Trump as well visited the country.
  • Saudi Arabia’s Footprints in Southeast Asia

    2017/11/02 At the same time as King Salman bin Abdulaziz Al-Saud of Saudi Arabia embarked on a month-long trip to Asia in February this year, Western media outlets led with incredulous stories about the monarch’s large entourage and their mountain of luggage. Traditionally obsessed with the desert kingdom’s human rights record and the national-sponsored brand of Islam, those same outlets took delight in touting the trip as a sign of Saudi economic weakness.