Why Recently-Listed Haoxi Health Technology Shares Are Falling Today

Haoxi Health Technology Limited HAO shares are trading lower on Wednesday morning.

Yesterday, the company announced the closing of its initial public offering of 2.40 million Class A ordinary shares at an initial public offering price of $4.00 per share for total gross proceeds of $9.60 million.

The offering closed on January 30, 2024, and the ordinary shares began trading on Nasdaq Capital Market on January 26, 2024.

The company intends to use the proceeds from this offering for working capital and general corporate purposes; acquiring or investing in technologies, solutions, or businesses; and hiring experienced employees.

Over the last five days, shares of the Chinese firm jumped 43.41%, outpacing the broader S&P 500’s return of 0.74%.

According to Benzinga Pro, Haoxi Health’s top peers include The Trade Desk, Inc. TTD (down 3.05% in the last 5 days) and Omnicom Group Inc. OMC, among others (up 1.53% in the last 5 days). 

Price Action: HAO shares are trading lower by 9.31% to $7.01 premarket on the last check Wednesday.

Image: Shutterstock/ Andrii Yalanskyi