Increasing Bitcoin Price Fuels Chinese AI Companies; Solar Energy Continues to Soar
U.S. stocks rose Wednesday morning, among which China-based technology companies in sectors of artificial intelligence, finance and solar energy especially stood out.
Supercomputing company Canaan Inc. (Nasdaq: CAN) skyrocketed as high as 24% Wednesday morning to $5.40 per American depositary share.
Canaan specializes in blockchain servers, including bitcoin mining machines, which benefitted from the soaring bitcoin price. Data from Morningstar and Coinbase showed BTC/USD hit highs of $10,327 on Wednesday.
In January, the Hangzhou-based company showcased products powered by its AI chip at the world's largest tech conference, the Consumer Electronics Show in Las Vegas.
Another AI-driven mobile internet company, CooTek (Cayman) Inc. (NYSE: CTK), saw its stock climb 8%.
Shares in automotive marketplace, TuanChe Ltd. (Nasdaq: TC), soared 15% Wednesday morning to $1.40 per share.
The stock of China-based fintech companies rebounded in early trading. The stock in Yintech Investment Holdings Ltd. (Nasdaq: YIN) rose nearly 9% on Wednesday morning, at $6.43 per ADS. Stock in Beijing-based Yiren Digital Ltd. (NYSE: YRD) followed Yintech closely, shooting up 9% to $4.78 per ADS.
Stock in Shanghai-based fintech company CLPS Inc. (Nasdaq: CLPS) jumped 9%.
Chinese solar energy players continued to be the big gainers this week. Leading the way in the market today is Wanzhou-based polysilicon manufacturer Daqo New Energy Corp. (NYSE: DQ), which has soared 8% to $72.6 per ADS. The company gained 15.33% Tuesday.
Shares in solar modules maker JinkoSolar Holding Co. Ltd. (NYSE: JKS) rose 7% to $27.7 per ADS in early Wednesday trading.
The healthcare sector lost some ground in the market Wednesday morning.
Shares in medical products provider Lianluo Smart Ltd. (Nasdaq: LLIT) dropped 10% to $1.20 per ADS. An international biotech company, AnPac Bio-Medical Science Co. Ltd. (Nasdaq: ANPC), lost 8%, trading at $9.12 per ADS Wednesday morning. Shares in Shenyang-based BOQI International Medical Inc. (Nasdaq: BIMI) declined 4%.
Chinese stocks climbed to new highs on mainland China and Hong Kong indexes on Wednesday.
The Shanghai Composite continued to increase 25 points, or 0.87%, to 2,927. The index has climbed steadily by 7% since Monday.
The Shenzhen Composite gained 1.6% Wednesday in China, adding 172 points to 10,941. The index gained nearly 10% since Monday, recovering from the loss.
The Hang Seng Index in Hong Kong gained 240 points to 27,824, up 0.87% Wednesday.
In the U.S., the S&P 500 added 0.4% and the Nasdaq Composite advanced 0.54%, The Dow Jones gained 0.65% and the tech-heavy Nasdaq moved 0.68% higher.