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Stock of the Day Meet China

Earlier tonight, I posted a story about a potential invasion of Taiwan. At that time, I had not had a chance to scan the most actives nor see what was happening in the NASDAQ penny stock market.

Then I found this beauty:

Just when I thought shitcoins quit crossing over to the equity markets, voila. Here we are.

So what is Cheetah?

From Yahoo Finance again:

CHARLOTTE, N.C., May 14, 2024 (GLOBE NEWSWIRE) — Cheetah Net Supply Chain Service Inc. (“Cheetah Net” or the “Company”) (NASDAQ: CTNT), a supplier of parallel-import vehicles sourced in the U.S. to be sold in the PRC market and a logistic and warehouse service provider, today announced the pricing of its follow-on offering of 13,210,000 shares of Class A common stock. Each share of Class A common stock is being sold at an offering price of $0.62, for gross proceeds of $8,190,200, before deducting placement agent fees and other offering fees and expenses. All shares of Class A common stock are being offered by the Company.

Now why, oh why, beside a crap secondary offering, would a stock like this implode?

Maybe this reason, from the Global Times in China this morning:

Exclusive: Chinese auto industry insider urges temporary tariff rate hikes on imported cars with large engines to meet ‘dual carbon’ goals

Excerpt:

China should consider raising the temporary tariff rate on imported cars with large-displacement engines, in order to reduce imports as part of the country’s broader efforts to cut emissions and promote the green development of the auto industry, a Chinese auto industry insider told the Global Times, while slamming protectionist moves taken by certain countries and regions against Chinese electric vehicles (EVs).

The “Big 3” plus Europeans should remember that China has the largest middle class population in East Asia.

Pissing them off is perhaps not a great strategy for American or European companies who want to export ICE vehicles to them.

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