South Korea’s largest e-commerce retailer Coupang (CPNG) made its U.S. stock market debut on March 11. After declining more than 20% over the past month due to weakening market sentiment, will CPNG be able to live up to its slogan - "How did we ever live without Coupang?" in the upcoming months? Read more to find out.Headquartered in the capital city of Seoul, Coupang, Inc. (CPNG) is the largest e-commerce company in South Korea and is an up-and-coming rival of global e-commerce mammoths Amazon.com, Inc. (NASDAQ:AMZN) and Alibaba (NYSE:BABA) Group Holding Limited (BABA). As one of the fast-growing companies globally, CPNG was ranked #2 in the 2020 CNBC Disruptor List.
CPNG completed its overseas IPO listing on the NYSE on March 11. The stock opened at $63.50 during its first trading session, 81.4% higher than the pre-listing price of $35. However, the stock has declined 39.8% since then, driven by weakening investor sentiment regarding its international expansion prospects and weak profit margins. Following the release of the mixed fiscal second-quarter earnings report (for three months ended June 30) on August 11, shares of CPNG declined 17.9% to close Friday’s trading session at $29.65. It has slumped 23.6% over the past month.
Here’s what could shape CPNG’s performance in the near term: