NEW YORK, June 1, 2026, 13:05 EDT
Hitek Global Inc. shares jumped Monday, more than quadrupling in early Nasdaq action. The China-based IT company saw wild swings between $1.65 and $9.30 after a recent share consolidation. HKIT last changed hands at $6.18, up $4.72, with around 71.8 million shares traded so far.
Hitek’s Class A shares started trading Friday after a 1-for-3 reverse split. With the split, every three shares turned into one, moving up the price on screen but not changing the company underneath. Nasdaq Trader said the change and new par value were effective May 29, and the stock still trades as HKIT.
Hitek’s share count has shrunk again. A new SEC filing says the company expects Class A shares issued and outstanding to drop to 774,807 from 2.32 million after the May split. That comes after a 1-for-50 reverse split on April 6. Class B shares remain at 8.19 million.
HKIT shares moved on their own. The SPDR S&P 500 ETF Trust, which tracks the S&P 500, was flat in early afternoon trading. Netsol Technologies and mF International, both smaller comps, ticked up a few cents each on thin volume.
Hitek is an IT consulting and solutions shop in Xiamen, selling tax-control devices and support to small and midsize Chinese businesses. It also sells hardware and software to larger firms. CEO Xiaoyang Huang described fiscal 2025 as “a year of strategic progress and stabilized growth.” PR Newswire
Hitek Global posted fiscal 2025 revenue of around $6.5 million, climbing from $2.9 million last year on stronger sales of safety monitoring gear to petrochemical buyers. Net income was $180,142, swinging from a $896,690 loss in 2024. Gross margin dropped to 10.6% from 34.6% as more revenue came from lower-margin hardware.
But the risks are clear. The March prospectus pointed out that Nasdaq Capital Market issuers need to keep an average closing price above $1 for 30 straight business days. It warned that getting delisted would affect liquidity. The document also said future equity or convertible-debt sales might dilute shareholders. That same filing included a $3 million registered direct offering, and mentioned possible extra closings up to $6 million.
Monday’s jump now faces a test: will the price stay up when the split-driven trading slows. Reverse splits let companies stay listed longer, but they don’t fix cash flow problems, thin volumes, or extra share pressure on their own.
