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

Canaan is a big Wednesday morning winner thus far
Belinda ZhouFeb 13,2020,07:55

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

Supercomputing company Canaan Inc. (Nasdaq: CAN) skyrocketed as high as 24% Wednesday morning to $5.4 per American depositary share. 

Canaan specializes in Blockchain servers, including bitcoin mining machines, which benefited from the soaring bitcoin price. Data from Morningstar and coinbase showed 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 8% Wednesday morning.

Shares in automotive marketplace, TuanChe Ltd. (Nasdaq: TC), soared 15% Wednesday morning to $1.4 per share.

Stocks of China-based fintech companies rebounded on Wednesday morning. The stock in Yintech Investment Holdings Ltd. (Nasdaq: YIN) was trading up nearly 9% on Wednesday morning, at $6.43 per ADS. Stocks in another Beijing-based Yiren Digital Ltd. (NYSE: YRD) followed Yintech closely, soaring 9% Wednesday to $4.78 per ADS.

Stock in Shanghai-based fintech company CLPS Inc. (Nasdaq: CLPS) soared 9% on Wednesday morning.

Chinese solar energy players continued to be the big gainers Wednesday morning. Leading the way in the market is Wanzhou-based polysilicon manufacturer Daqo New Energy Corp. (NYSE: DQ), which 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 Wednesday morning.

Healthcare sector become the market losers on Wednesday morning.

Shares in medical products provider Lianluo Smart Ltd.  (Nasdaq:LLIT) dropped 10% to $1.2 per ADS Wednesday morning. An International Biotech Company, AnPac Bio-Medical Science Co. Ltd. (Nasdaq: ANPC), lost 8% to $9.12 per ADS Wednesday morning. Shares in Shenyang-based BOQI International Medical Inc. (Nasdaq: BIMI), declined 4% Wednesday morning.

Chinese stocks climbed to new highs Wednesday with appreciation in main indexes in mainland China and Hong Kong Wednesday. 

The Shanghai Composite continued to increase 25 points, or 0.87%, to 2,927. The index has been climbing slowly by 7% since last Monday, which was 2,746.

The Shenzhen Composite gained 1.6% Monday in China, adding 172 points to 10,941.  The index gained nearly 10% since 9980 last 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 Industrial Average gained 0.65% and the tech-heavy Nasdaq Composite Index moved 0.68% higher.