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Chinese tutoring services provider Golden Sun Education (NASDAQ:GSUN) stock cratered in afternoon trading, falling to a new all-time low.
Golden Sun shares opened at $4.21, climbing to a high of $4.23 before plunging to an new 52-week low of $2.21 in late afternoon. The stock recently changed hands at $2.33, down 46%, at around 3:30 p.m. ET.
Golden Sun held an $18M initial public offering on June 22, offering 4.4M shares priced at $4 per share. The stock reached a 52-week high of $95 on Aug. 19, but has been trending downward since late September.
In October, Chinese education stocks sank amid concerns that recently re-elected Chinese President Xi Jinping would move to crack down on the sector for fomenting social inequity.
Image and article originally from seekingalpha.com. Read the original article here.