Taiwan's pride falls? Odin's stock price big dump by 90% in a week after going public in the US, CEO: it's due to market mechanisms.

As the first fintech company in Asia to be listed on the NASDAQ exchange in the United States, Odin Group (OwlTing), went public on October 16 in Eastern Time with its parent company OBOOK Holdings ( stock code: OWLS). On its first day, the stock price skyrocketed 8 times, triggering multiple circuit breakers. However, just a week later, the stock price has now experienced a big dump of nearly 90%, sparking heated discussions in the market and the encryption circle, with CEO Wang Junkai also responding directly.

From the pride of Taiwan to a big dump of 90%, Odin Ding opened with an 800% jump.

OBOOK Holdings landed on NASDAQ through “Direct Listing (Direct Listing)”, with a reference listing price of 10 dollars. On the first day of listing, the opening price soared to 68 dollars, and during the trading session, it even surged to a high of 90 dollars, with an increase of 800%.

On that day, due to overheating in trading, the circuit breaker mechanism was triggered several times, ultimately closing at 55.55 USD, with a market value that once reached 3.49 billion USD, which many described as a highlight moment for Taiwan's blockchain startups.

( Taiwan stablecoin payment company OwlTing ) directly listed on Nasdaq, ringing the listing bell on the 16th (

A big dump of 90% in a week, falling from 90 dollars to 8 dollars.

However, good times are not only rare but also “short-lived”. After hitting a high of 90 dollars on its debut day, the stock price of Odin's parent company has been plummeting for several consecutive days, closing at 39.5 dollars on the 17th and even briefly falling below 10 dollars on the 22nd, reaching a low of 7.62 dollars.

Obook Holdings Inc. ( OWLS ) stock price performance

From the highest point, the ) has fallen by as much as 88% to 91%. The closing price on the 22nd has risen back to $10.68, but it has returned to the vicinity of the original listing reference price.

The drastic fluctuations over just six trading days caught investors off guard, sparking doubts within the community about the company's executives manipulating the market, and also igniting heated discussions regarding the direct listing system.

The CEO takes the front line: the company's operations are fine, it is due to market mechanisms.

In the face of overwhelming public opinion, Odin Group CEO Wang Junkai also publicly responded on his personal Facebook on the 24th.

He emphasized that the company adopted a direct listing approach without underwriters setting a stable price range, so the stock price is entirely determined by market supply and demand, and the large fluctuations are a natural phenomenon: “Stock price fluctuations are a market mechanism, not an issue of company operations.”

( From Odindin listing on Nasdaq, looking at four ways for US stocks to go public: What are the differences between IPO and direct listing? )

He also revealed that the cost of a direct listing is not low, with fees for accountants, lawyers, and exchanges exceeding 200 million New Taiwan dollars. All financial and investor information is disclosed in accordance with the law in documents filed with the U.S. SEC, ensuring transparency and accessibility.

Wang Junkai also criticized some media or individuals for “selectively quoting” the fundraising information of Odin, creating a false impression that the company lacks funds. He emphasized that if the company or he himself intentionally distorts public information and affects investor decisions, there is a risk of misleading the market or manipulating behavior, and they can be legally investigated and held accountable.

He urged the outside world to refocus on industrial development, company vision, and factual basis, rather than malicious attacks on individuals or their families.

From glory to storm, the path to listing in the United States has become a necessary course for investors.

The上市 experience of Odin Ding, although allowing Taiwanese startups to step onto the stage of the US capital market for the first time, also reveals the high volatility risks of direct listings under market mechanisms. This big dump not only became a hot topic of discussion in the startup and cryptocurrency circles, but will also serve as one of the cases for investors to understand the importance of listing methods in the US stock market to stock price performance.

This article Taiwan's light falls? Odin Ding's stock price plummeted 90% after going public in the U.S. for a week, CEO: It's due to market mechanisms. First appeared in Chain News ABMedia.