Another day, another former highflyer that once harbored big hopes for the vast China market is now finding those dreams in tatters.
This time, the former dreamer is Gogox Holdings Ltd. (2246.HK), a Hong Kong mainstay that was once a rising star as it aimed to bring its local delivery services to the adjacent Mainland Chinese market. After listing in Hong Kong four years ago, its market cap briefly surged as high to HK$14 billion ($1.8 billion) on that China dream. But fast forward to the present, where that dream – and the company’s stock price – have both crashed, bringing down its market value to less than HK$100 million.