China’s Fintech Stocks Among Losers, Japanese Stocks Rally
Chinese solar energy and biopharma stocks rallied on another positive day for US markets.
/icon/commentary-head.png
Belinda Zhou
Mar 26,2020,06:55

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, the solar energy stocks gained on Wednesday, together with some real estate stocks.

Gainers

The stock in Happiness Biotech Group Ltd. (Nasdaq: HAPP) skyrocketed 40% to $3.54 per American depositary share on Wednesday after the company's announcement that it has had a breakthrough in its effort to develop a Covid-19 testing kit with 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 on Wednesday.

Chinese co-living space rental platform Phoenix Tree Holdings Ltd. (NYSE: DNK), known as Danke, reported rapid growth fueled by acquisitions on Wednesday, 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 Wednesday.

Some gainers are among the solar energy sector. The stock price of Sky Solar Holdings, Ltd. (Nasdaq: SKYS) jumped 15% on Wednesday, while SPI Energy Co., Ltd. (Nasdaq: SPI) gained 17%.

Losers

Wednesday is uneasy for NetEase, Inc. (Nasdaq: NTES). The gaming giant 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 on Wednesday. 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%; Dunxin Financial Holdings Ltd. (NYSE: DXF) lost 5%.

Indices

China’s benchmarks recovered together as the country restarted its business.

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 Industrial Average up 496 points or 2.39% to 21,201. The S&P 500 jumped 1.15%. However, Nasdaq dropped slightly to 7384 points by 0.45%, sending it to be the only negative benchmark.

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.



Topics :
Read More
Comments
prev: Sinopec Reports Weak Sales and Profit in 2019

Email:info@capitalwatch.com

California:2905 Stender Way #36,Santa Clara, CA 95054

New York:200 Vesey St Fl 24 New York, NY 10281