RTTNews | Nov 23, 2020 10:20AM EST

10:20 Monday, November 23, 2020 (RTTNews.com) - Shares of Chinese used car dealership company Kaixin Auto Holdings (KXIN) are surging more than 50% Monday morning at $9.43.

There have been no company-centric news that could drive the stock up. However, U.S. stocks are up on Monday on vaccine hopes.

Early this month, privately held Chinese company Haitaoche, had acquired a major stake in Kaixin.

Two months back, on September 23, the closing price of the stock was $0.45. The stock has gained more than 2000% from those levels.

52-week high for the stock is at $13.40.

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