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Hong Kong-based TOP Financial Group (NASDAQ:TOP), formerly known as Zhong Yang Financial, saw its shares slide for a second day in the wake of its corporate name change.
Shares of the online brokerage opened at $23.46 and recently changed hands at $19.30, down 12%, at approximately 2:20 p.m. ET.
TOP went public on through a $25M initial public offering on June 1 that saw the company offer 5M shares at $5 per share. The stock has been volatile since, hitting a 52-week low of $12.60 during its first day of trade and a 52-week high of $50.97 on June 23.
The company changed its name to TOP Financial from Zhong Yang on July 22. The stock fell 21% following the move.
Image and article originally from seekingalpha.com. Read the original article here.