Big Day for China's Biopharma Stocks; Bad Day for Education Providers
Shares in Hong Kong stocks rose on Monday by 2%, while benchmarks in the U.S. varies with mixed information.
China's biopharma sector ranked as the major gainers in the U.S. today.
AnPac Bio-Medical Science Co., Ltd. (Nasdaq: ANPC) gained over 10%, closing at $8.29 per share. The company develops and sells multi-cancer screening and detection tests to corporations and life insurance companies.
I-Mab (Nasdaq: IMAB) gained 7% to $17.49 per share. The Shanghai-based company gained 25% since 2020. The clinical-stage biopharma company primarily works on cancers and autoimmune disorders.
Biopharma giant Zai Lab Ltd. (Nasdaq: ZLAB) gained 6% to $69.98 per share. The Shanghai-based company address medical needs in the fields of oncology, infectious, and autoimmune diseases in China and internationally.
Cancer-fighting biotech, BeiGene, Ltd. (Nasdaq: BGNE) gained 4% and closed at $163.26 per share.
Another giant BeyondSpring Inc. (Nasdaq: BYSI), gained 5% to $16.68 per share. The clinical-stage biopharmaceutical company focuses on the development and commercialization of immuno-oncology cancer therapies.
Shares in China Jo-Jo Drugstores, Inc. (Nasdaq: CJJD) soared 5% to $2.86 per share. The company operates as a retailer and distributor of pharmaceutical and other healthcare products in China.
WiMi Hologram Cloud Inc. (Nasdaq: WIMI) gained 4% on Monday. The augmented reality-based holographic company reported double-digit revenue growth last week.
Youdao, Inc. (NYSE: DAO) up 8% on Monday to close at $22.99 per share. The subsidiary of NetEase, Inc. said it will report earnings on Tuesday.
China's fintech company LexinFintech Holdings Ltd. (Nasdaq: LX) gained 17% to $9 per share, while another fintech firm 360 Finance, Inc. (Nasdaq: QFIN) soared 10% to $9.31 per share.
Kingsoft Corporation Ltd. (HKEX: 3888) lost 2% to HK$27.5 per share, while its subsidiary Kingsoft Cloud Holdings Ltd. (Nasdaq: KC), which is newly listed in New York, gained 9%.
Tencent Holdings Ltd. (HKEX: 0700) gained over 4% in Hong Kong, closing at HK$435 per share. Alibaba Group Holding Ltd.(HKEX: 9988) gained 3% in Hong Kong.
Among one of the biggest losers, Hebron Technology Co., Ltd. (Nasdaq: HEBT) lost nearly 15% on the day. The company offers valves, pumps, pipe fittings, and other products in China.
Cloud-based digital media content provider, Xunlei Ltd. (Nasdaq: XNET) lost 8%.
China's education stocks didn't have a pleasant Monday.
China's K-12 after-school tutoring provider, GSX Techedu Inc. (NYSE: GSX), lost 6% while K-12 education provider Puxin Ltd. (NYSE: NEW) lost 14% to $6.56 per share.
RISE Education Cayman Ltd. (Nasdaq: REDU) lost 5% to $3.82 per share; Four Seasons Education (Cayman) Inc. (NYSE: FEDU) lost 4%.
Meituan Dianping (HKEX: 3690), a Beijing-based e-commerce food delivery service platform lost 2% to HK$109.70 per share.
BYD Company Ltd. (HKEX: 1211) lost 2% in Hong Kong. Shenzhen-based BYD manufactures automobiles, battery-powered bicycles, buses, forklifts, solar panels, and rechargeable batteries, and related products.
In the U.S., the Dow Jones Industrial Average dropped about 109 points or 0.45%. The S&P 500 soared slightly by 0.01%, while the Nasdaq Composite rose 0.78%.
The Hang Seng Index in Hong Kong closed at 24,602, up 1.53%. Benchmarks on the mainland fell slightly.
The Shanghai Composite fell 0.02% to 2,895 and the Shenzhen Composite dropped 0.29% to 10,969.
Crude oil WTI for the front-month, which will expire next week, stayed almost unchanged at $24.68 per barrel Monday afternoon. Oil futures prices for July delivery, which is more actively traded, fell 0.54% to $25.63.