marco302/iStock via Getty Images
Chinese tutorial services provider Golden Sun Education (NASDAQ:GSUN) stock plunged 47% in midday trading Wednesday, hitting a new 52-week low.
Shares of Golden Sun opened at $6.48, hitting a high of $9.30 in early trading before dipping to a new all-time low of $6.01. The stock recently changed hands at $6.48 at approximately 11:30 p.m. ET.
Golden Sun held an initial public offering on June 22, offering 4.4M shares priced at $4 per share to raise nearly $18M. The stock reached a 52-week high of $95 on Aug. 19, but has been trending downward since late September.
Last month, Chinese education stocks were rocked by concerns that the Chinese government could move against the sector, which has been viewed by some as contributing to social inequity.
Image and article originally from seekingalpha.com. Read the original article here.