Stocks Drop on Rising Coronavirus Concerns
Two Chinese stocks down nearly 100%
Chinese stocks in New York had a challenging Thursday as the country reported a sharp spike in coronavirus deaths and infections. Some, however, made gains.
Shares in Beijing-based smart products provider Lianluo Smart Ltd. (Nasdaq LLIT) soared 29% to 95 cents per American depositary share on Thursday. On Wednesday, Lianluo announced the pricing of its $2.2 million offerings at 85 cents apiece.
Another gainer was Huize Holding Ltd. (Nasdaq: HUIZ), which made its debut in Times Square on Wednesday, raising $55.1 million in its IPO. Shares in the Shanghai-based online insurance platform dropped 5% on its first day of trading and rebounded 5% Thursday afternoon.
The stock price of Happiness Biotech Group Ltd. (Nasdaq: HAPP) soared 23% Thursday to $4.31 per ADS. Amid the outbreak of the Wuhan coronavirus, the biotech company said on Jan. 28 that revenues from its nutritional product that improves body resistance soared more than 100% in January.
Xiamen-based Fujian Blue Hat Interactive Entertainment Technology (Nasdaq: BHAT) gained 8% to $1.24 per ADS Thursday afternoon on the announcement that it has regained compliance with Nasdaq.
Automotive marketplace TuanChe Ltd. (Nasdaq: TC) saw its stock price jump 12% Thursday, while Beijing-based used car dealer Kaixin Auto Holdings (Nasdaq: KXIN) climbed 5% in the U.S.
Tianjin-based China Auto Logistics Inc. (OTC: CALI) saw its stock drive off a cliff on Thursday, falling by 99% to $.001 per share. The auto dealer sells and trades in imported automobiles in China and operates through financing services.
Another loser for Thursday was Andatee China Marine Fuel Services Corp. (OTC: AMCF), which lost 88% of its stock price, falling to $.003 per share.
Yesterday's gainer, supercomputing company Canaan Inc. (Nasdaq: CAN) declined 17% Thursday after it skyrocketed 83% Wednesday.
The stock price of the bitcoin mining machines maker showed a high correlation with the bitcoin price. Data from Morningstar and Coinbase showed BTC/USD dropped to $10,213 Thursday afternoon after it hit highs of $10,477 Thursday morning premarket.
Shares in solar modules maker JinkoSolar Holding Co. Ltd. (NYSE: JKS) dropped 10% to $25.73 per ADS on Thursday.
Fujian-based menswear company KBS Fashion Group Ltd. (Nasdaq: KBSF) fell 17% Thursday while Leju Holdings Limited (NYSE: LEJU), offering online to offline real estate services in China, saw its stock drop 8%.
China's indexes shifted down after a week-long rally.
The Shanghai Composite dropped 21 points, or 0.71%, to 2,906 and the Shenzhen Composite lost 0.7% Thursday to 10,854. The Hang Seng Index in Hong Kong declined to 27,730, down 0.34% Thursday.
In the U.S., the Dow Jones fell 0.43% Thursday, while the S&P 500 and the Nasdaq were down 0.16% and 0.14%, respectively.