Stocks in China-Based English Training Platforms Soar Monday
Stocks in three Chinese online and mobile education platforms rose by nearly 20% Monday morning to hit the top 5 gainers for Chinese U.S.-listed stocks.
Kids in China cannot go to school because of the coronavirus outbreak, turning to online education platforms instead.
The stock in Beijing-based China Online Education (NYSE: COE) rose $3.31 to $21.08 per American depositary share on Monday morning while its stock price almost doubled since 2020. The Beijing-based online education company, also referred to as 51Talk, provides K-12 English lessons to students across China and around the world.
Shanghai-based English learning platform LAIX Inc. (Nasdaq: LAIX) shares a similar business model with 51Talk. Shares in LAIX were trading at $5.36 per ADS Monday morning, up 16%. The company launched English Liulishuo mobile app in 2013.
Another Beijing-based education company China Distance Education Holdings Ltd. (NYSE: DL) saw its stock jump 20% to $10.58 per ADS Monday morning or 30% since 2020. The company focuses more on business start-up training and professional education.
The largest gainer on Monday morning for Chinese companies listed in New York is Andatee China Marine Fuel Services Corporation (OTCBB:AMCF). The Dalian-based company's stock price soared 170% to 3 cents on Monday morning.
The company operates in the production, storage, distribution, and trading of blended marine fuel oil for cargo and fishing vessels in China. News came on Jan.31 that the U.S. Treasury Department removed from its blacklist a another Dalian-based Chinese shipping company after alleging it had shipped Iranian oil in violation of U.S. sanctions.
The biggest loser as of midday Monday was Haikou-based China Pharma Holding Inc. (NYSE American: CPHI), which soared 142% since 2020 and declined 13% Monday morning.
Asset manager Wins Finance Holdings Inc. (Nasdaq: WINS) declined 10%.
Three indexes in mainland China and Hong Kong ended with small gains on Monday. The Shanghai Composite continued to increase 15 points, or 0.51%, to 2,890. The Shenzhen Composite gained 1.1% Monday in China, adding 117 points to 10,728. Hang Seng Index in Hong Kong lost 89 points to 27,241, down 0.59%.
All three indexes gained since the dramatic decline last Monday, when mainland China's stock markets suffered a close-to-limit loss when they reopened Monday amid the coronavirus fears.
To compare, the S&P 500 edged up 0.3%, while the Dow Jones inched 0.24% higher and the Nasdaq Composite Index rose 0.47% intraday Monday.
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