China's Fintech Stocks Among Losers, Japanese Stocks Rally
Blue-chip stocks in the U.S. soared as the lawmakers and the White House announced a $2 trillion stimulus package on Wednesday.
Several Chinese biopharma stocks led the biggest gainers, despite some of the stocks in the biopharma sector were among the losers. Also, select solar energy and real estate stocks soared.
The stock in Happiness Biotech Group Ltd. (Nasdaq: HAPP) skyrocketed 40% to $3.54 per American depositary share after the company's announcement that it has had a breakthrough in its effort to develop a Covid-19 testing kit in coordination Fuzhou University.
Shares in I-Mab (Nasdaq: IMAB) soared 13% to $13 per share on Wednesday.
The stock of China Jo-Jo Drugstores, Inc. (Nasdaq: CJJD) jumped 7% to $1.66 per share. The Hangzhou-based biopharma operates as a retailer and distributor of pharmaceutical and other healthcare products in China.
Beijing-based Fang Holdings Ltd. (NYSE: SFUN), which operates a real estate internet platform in China, saw its stock up 33% to $1.53 per share.
Chinese co-living space rental platform Phoenix Tree Holdings Ltd. (NYSE: DNK), known as Danke, reported rapid growth fueled by acquisitions while its stock price stayed unchanged at $7.65 per share.
The Beijing-based company said in a statement that revenues in the fourth quarter reached $305.9 million, up 113% year-over-year. Net loss in the three months through December hit $132.3 million, or $2.11 per share, an increase of 65% from the previous year.
Other gainers in the property-related sector included Shenzhen-based Nam Tai Property Inc. (NYSE: NTP). Shares in Nam Tai Property rose 7% to $4.82 per share on the day.
Solar player Sky Solar Holdings, Ltd. (Nasdaq: SKYS) jumped 15%, while SPI Energy Co., Ltd. (Nasdaq: SPI) gained 17%.
Gaming giant NetEase, Inc. (Nasdaq: NTES) lost nearly $16 per share, representing a loss of 5% to $307.90 per share.
MOGU Inc. (NYSE: MOGU) lost 9% to $1.15 per share. The Hangzhou-based company runs online fashion and lifestyle business in China. Shares in Vipshop Holdings Ltd. (NYSE: VIPS) declined over 7% to $14.16 per share.
China's fintech sector suffered, with Shanghai-based Jiayin Group Inc. (Nasdaq: JFIN) tanked by 28%; Weidai Ltd. (NYSE: WEI) lost 22% to $1.04 per share; Golden Bull Ltd. (Nasdaq: DNJR) declined 17%; Pintec Technology Holdings Ltd. (Nasdaq: PT) dropped 15%; and Dunxin Financial Holdings Ltd. (NYSE: DXF) lost 5%.
China's benchmarks recovered as the nation restarts is businesses and goes back to work.
The Shanghai Composite gained 59 points, or 2.17%, to 2,782. The Shenzhen Composite shifted up to 10,241 by 3.22%. The Hang Seng Index in Hong Kong soared by 864 points to 23,527, up 3.81%.
Blue-chip indices in the U.S. soared, with the Dow Jones up 496 points or 2.39%, closing at 21,201. The S&P 500 jumped 1.15%. The Nasdaq dropped, however, to 7384 points by 0.45%, making it the only benchmark to close negative on the day.
The benchmark Nikkei 225 in Japan soared 8% to 19547 points, while FTSE in the U.K. soared 4% to 5699 points.
Crude Oil Futures up 1% and the CBOE Volatility index soared 4% to 64 points.