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Hot stock: Creative Tech rallies to 1-year high after Super X-Fi online launch
SHARES of Creative Tech continued their climb on Monday, days after the mainboard-listed company unveiled its Super X-Fi products in China remotely.
The stock gained S$0.65 or 19.9 per cent to reach an intraday high of S$3.92 shortly after the opening bell. The last time it closed above this level was about a year ago when it finished at S$3.95 on May 31, 2019, according to Shareinvestor data.
Creative eased to trade at S$3.62 by 2.29pm on Monday, up S$0.35 or 10.7 per cent from the previous close, with some 1.8 million shares changing hands.
On Friday, the counter had jumped 42.2 per cent or S$0.97 to finish at S$3.27, after the company launched the Super X-Fi range in China via live-streaming.
The Super X-Fi technology promises to deliver “holographic audio” with its high-end multi-speaker system which makes users feel as if they are immersed in the environment of a video game or attending a concert in person.
Creative has put the technology into products such as headphones and gaming headsets.
When the company first announced the Super X-Fi prototype in early 2018, its shares likewise surged for the next few days, hitting a decade high. The counter shot to the top of the Singapore bourse’s gainers list on March 5, 2018, following glowing reports about the potential of the “3D audio” product which was described as “mind-blowing”, “magical” and “glorious”.
In announcing the China remote launch last week, chief executive Sim Wong Hoo said that with many people staying home during the Covid-19 pandemic, Super X-Fi can cater to them as it is “excellent for working, learning and playing”, be it for conference calls, online lessons or just enjoying a movie.