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October 11th, 2007
Shengda Tech: A Nanotech-Scale Bubble?
Another Chinese tech stock has performed a miracle on Wall Street. Shengda Tech, a nano-precipitated calcium carbonate (lime) producer in China, soared 25% Wednesday to a new high, gaining $91 million in market value in a flash with no comprehensible reason apparent.
Shengda Tech (nasdaq: SDTH - news - people ) on Wednesday climbed to $9.04, an all-time high since the company moved its listing from the over-the-counter Bulletin Board to Nasdaq on May 24 this year. Investors cooled a bit at the end of the day, leaving the stock at $8.40, up $1.68, or 25%, from the previous trading day.
Shengda produces nano-precipitated calcium carbonate, a super-small particle that enhances the durability and increases the heat resistance of tires, plastics, paints and papers. The particle is so small that 40,000 of them, placed side by side, are about the width of a human hair. Shengda holds the patents for a new membrane separation technology, developed in conjunction with Tsinghua Univesity in Beijing, that reduces the cost of manufacturing nano-precipitated calcium carbonate.
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