Investors have lost billions of dollars on US penny stocks amid a rise in 'pump and dump' scams, according to reports from the Financial Times. These scams have particularly affected a group of small US-listed Chinese stocks, which saw heavy promotion on social media before their values plunged sharply in July, wiping out approximately $3.7 billion. The phenomenon has been described as a growing issue within the so-called meme stock sector, especially impacting Chinese companies trading in the US market. Separately, the Chinese real estate giant Evergrande has experienced a dramatic collapse, with investors facing losses estimated at up to $50 billion. Evergrande's impending delisting from the Hong Kong stock exchange is expected to be one of the largest in recent years by market value and volume, marking a significant downturn for what was once China's premier developer.