Investors mistook Chinese Zoom Technologies for Zoom video communications service again and raised its shares by 557% in March
Investors have mixed up the tickers of Beijing communications equipment manufacturer Zoom Technologies with the video communications service Zoom - Zoom Technologies uses the ticker Zoom, and Zoom Video Communications uses ZM.
As a result, the share price of the Chinese company increased by 557% on March 20 compared to March 2. At the peak of growth, Zoom Technologies securities were worth US$20.9.
Interest in the Zoom video conferencing service was caused by the mass transition to remote work. On March 23, the service went from US$14bn valuation to US$43.3bn. Company's shares rose by 20.26% to US$157 per share.
On March 24, 2020, shares of China's Zoom Technologies became 18.39% cheaper and traded at US$8.12 per unit. Market capitalization grew to US$25.13 mln.