Kaixin Auto Stock Drops 40% After Insane Rise Over the Past Week

Shares of Kaixin Auto Holdings (NASDAQ: KXIN), a Chinese financing platform that evolved into a dealership network, were down 40% at 12:54 p.m. EDT on Tuesday as the stock lost some of its recent incredible, yet inexplainable, gains. An inexplainable meteoric rise has been the story for Kaixin's stock over the past few days as it soared from $0.54 at close on Oct. 14 to an Oct. 19 high of $13.40. "There is no change in the status of Kaixin's business operations since the company filed the last 6-K on Aug. 23, 2020, and its dealership business is still in halt," the company said in a statement to MarketWatch.