Increasing Bitcoin Price Fuels Chinese AI Companies; Solar Energy Continues to Soar

Canaan is a big Wednesday morning winner thus far

Author: Belinda Zhou   

U.S. stocks rose Wednesday morning, among which China-based technology companies in sectors of artificial intelligence, finance and solar energy especially stood out.

Winners:

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. 

Losers: 

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.

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