December 29, 1999 |
The sizzling telecom sector plus the lucrative Chinese consumer market apparently equals twice the excitement. Qiao Xing Universal Telephone Inc. shares zoomed more than sixfold Tuesday after the telephone-equipment maker said its application to make wireless phones with a popular technology is under review by the Chinese government. Qiao Xing, which trades on Nasdaq under the symbol XING, rose $42.88 to $51, after earlier leaping to $70. The stock traded at $2.75 as recently as Nov. 12.