UTime Ltd. is a company that designs, develops, manufactures, sells, and markets mobile phones, accessories, and other consumer electronics. Haier Electronics group, a subsidiary of Haier Group and Quality One Wireless LLC, based in Orlando, Florida, and TCL Communication Technology Holding, are among the companies for which the firm provides Electronics Manufacturing Services, including Original Equipment Manufacturer and Original Design Manufacturer services. The company’s headquarters are in China, but most of its products are sold in India, Brazil, the United States, and other emerging markets in South Asia and Africa, and Europe. It has two in-house brands: “UTime,” a middle-to-high-end label that caters to middle-class consumers in emerging markets, and “Do,” a low-to-mid-end brand that caters to the majority of grassroots consumers and price-conscious consumers in emerging markets.
In the China-based portable phonehandset maker’s second day of trading on the NASDAQ UTME at https://www.webull.com/quote/nasdaq-utme, +5.58 percent, flew 133.3 percent in enormously volatile afternoon trading Wednesday, leading all gainers on major U.S. exchanges. The stock closed at $39 on Tuesday, up 875 percent from its initial public offering price of $4, which was at the low end of the expected range of $4 to $5 per share. The company raised $15 million by selling 3.75 million shares in its initial public offering. So far, on Wednesday, the stock has been halted nine times due to volatility, compared to 14 times on Tuesday. After a loss of RMB11.9 million on RMB238.1 million in 2019, the company recorded a net defeat of RMB21.7 million on revenue of RMB193.1 million on 2020. The Renaissance IPO ETF IPO, +0.95 percent, has mislaid 4.7 percent in the previous three months, while the iShares China of MSCI ETF MCHI, +0.80 percent, has lost 1.4 percent, and the S& P 500 SPX, +0.93 percent has gained 7.3 percent.
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