Thursday, February 10, 2022

Galaxycore Stock Down by 17% in a Half Year after IPO On August 18, 2021, Lalaxycore was officially listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange. Before the market, the total market value of Galaxycore once exceeded 100 billion yuan. On the first day of trading, Galaxycore  shares surged by 145.13%, and a total market value of 88.086 billion yuan.

As of January 28, 2022, Galaxycore's market value was 64.096 billion yuan, down by 17% within half a year of listing.

Zhao Lixin, the founder, chairman and CEO of Galaxycore worth is 28.2 billion yuan ($4.4 billion), down from $5.7 billion in August.

From January to June 2021, Galaxycore achieved operating income of 3.69 billion yuan, an increase of 50.99% over the same period last year. The net profit was 640 million yuan, an increase of 92.14% over the same period last year. The main reasons for the increase in the company's operating performance from January to June 2021 were that the company's business continued to grow, unit prices rose, and gross profit margins also improved.

Although the growth rate is high, the share of Galaxycore is still small. In 2020, the global share of Gekewei's CIS sales revenue accounted for 4%, ranking fifth.

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