ChiNext Closed at New Post Peak Low

Shares are up today, but there was a new closing low on September 15. No new intraday low.

Caixin: As Stocks Skid, Startups Lose Their Luster
Among the many Internet-related businesses losing favor among investors are those offering O2O services. Until recently, enthusiastic investors lined up to support freshly launched O2O companies, which aim to capitalize on consumers who order and pay for services rendered at physical storefronts, such as movie theaters and hair salons, through online mobile devices.

Investors that poured money into O2O startups started second-guessing the business model after these companies, after several years, failed to turn a profit.
I never understood O2O. I could never remember what it meant and it seems more of a 020. A lot of O2O is reminiscent of the late 1990s Internet bubble.
Amid questions about valuations and stock market turmoil, some startups have seen their valuations nosedive. "Project valuations have reduced by more than half, and many deals have to be renegotiated," said Wu.

But many Internet-related startups can't survive without more financial support, said one investor who has focused on O2O businesses.

A China Securities Regulatory Commission decision in July to temporarily suspend IPOs due to stock market volatility added fuel to the fire of uncertainty for startups. IPO plans have been frozen for more than 20 businesses hoping to raise money on the stock market.

Also affected were about 28 firms listed in New York and other overseas stock markets that were preparing to launch IPOs in Shanghai. Sources said that at least two of these U.S.-listed companies are reconsidering their plans to leave America.
No kidding. These company's executives should be up on the Wall of Shame with gold mining executives.

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