China's Fintech Companies Lead Few Gainers on Brutal Monday

Some Sino-Savvy investors came out on top while the Dow Jones fell nearly 3,000 points

Belinda Zhou
    Mar 16, 2020 2:45 PM  PT
China's Fintech Companies Lead Few Gainers on Brutal Monday
author: Belinda Zhou   

Some Sino-Savvy Investors in the U.S. who realized the futility of chasing falling indexes gained 10% Monday in some choice Chinese stocks amid Monday's market crash in New York.

Gainers

Sharing Economy International Inc. (OTCBB: SEII) added 19% on Monday. SGOCO Group, Ltd. (Nasdaq: SGOC) gained 21%, seeing its stock price under $1 per American depositary share, too.

Chinese Fintech firm X Financial (NYSE: XYF), offering Xiaoying Credit loan, gained 18%, but its shares were trading below $1 per share.

Shares in China Green Agriculture, Inc. (NYSE: CGA) soared 16% to $2.50 per share. The Xian-headquartered firm manufactures fertilizers and agricultural products, owning brands of Jinong, Gufeng, and Yuxing.

Construction materials producer ReTo Eco-Solutions, Inc. (Nasdaq: RETO) gained 11%.

The stock price of Ossen Innovation Co., Ltd. (Nasdaq: OSN) increased to $1.82 per share by 11% in Monday's trading. The Shanghai-based company manufactures and sells various plain surface prestressed steel materials, and rare earth coated and zinc coated prestressed steel materials.

Beijing-based Moxian, Inc. (Nasdaq: MOXC) gained as much as 24% intraday Monday to $1.19 per share, closing back down at $1 per share--still up 3%. It was a good day for a bad yea so far; the company's stock price has fallen 43% YTD. Moxian operates a social network platform that integrates social media and sales, allowing merchants to study consumer behavior in China.

Concord Medical Services Holdings Ltd. (NYSE: CCM) gained 25% intraday, but closed at $1.59 per share, down 5%. The Beijing-based company operates radiotherapy and diagnostic imaging centers in 20 hospitals in 20 cities in China.

Losers

Shishi city-based casual menswear producer KBS Fashion Group Ltd. (Nasdaq: KBSF) lost 47% in the afternoon, trading at $1.22 per share.

China Customer Relations Centers, Inc. (Nasdaq: CCRC) lost more than 35% to $4.00 per share. The Taian-based firm provides business process outsourcing services for telecommunications companies.

Renren Inc. (NYSE: RENN), which sells used automobiles and financing products in China, tanked 31% on Monday.

Shares in JinkoSolar Holding Co. Ltd. (NYSE: JKS) declined 29% to $12.364 per share. That was after the solar module maker, based in Shanghai, reported better-than-expected revenues but a miss on earnings for the fourth quarter on Friday.

The stock in Wanda Sports Group Co. Ltd. (Nasdaq: WSG) dropped 27% to $1.47 per share on Monday. Launched in 2018, Wanda Sports operates as the sports arm of Chinese conglomerate Dalian Wanda Group, with more than 60 offices and 1,600 employees worldwide. The offer price for the company's IPO was $8 per share in July 2019.

Shares in online consumer finance marketplace Yiren Digital Ltd. (NYSE: YRD) were trading below $3 per share, down 27% on Monday.

Borqs Technologies Inc. (Nasdaq: BRQS) continued to be one of the biggest losers, down 26% to $1.74 per share. The Android-based smart connected devices provider lost 42% on Friday. 

The stock of Niu Technologies (Nasdaq: NIU) dropped as much as 11%. The maker of electric scooters reported revenues of $77 million for the three months through December, an increase of 25 percent year-over-year. 

Shares of CNFinance Holdings Ltd. (NYSE: CNF) slid 4%. The Guangzhou-based home equity loan provider said in the three months through December that its interest fees income was $85.5 million, down 43% year-over-year. Net income dropped by more than three times to $8.7 million compared with $26.9 million in the same period in the preceding year.

Indices

Indices in China experienced a relatively moderate decline compared to their American counterparts. 

The Shanghai Composite lost 98 points, or 3.49%, to 2,789.  The Shenzhen Composite declined 5.34% to 10,253. The Hang Seng Index in Hong Kong dropped by 969 points to 23,064, down 4.03%.

On Monday morning when the S&P 500 tanked over 7% from the prior session's close, stock trading was halted for 15 minutes shortly after the opening bell. 

After the market closed, in the U.S., the Dow Jones declined nearly 3,000 points, or 12.93%, to 20,189 points. The S&P 500 slid 11.98%, while the Nasdaq Composite fell 12.32%.

Outside equities, it wasn't much better. 

Crude Oil Futures dropped 8.79% as of Monday afternoon. Gold futures, previously a safety asset, lost 1.12%  by afternoon's trading. Silver futures traded at $12.86, significantly below its recent high of $18.88 on February 24.

Bitcoin has been declining to $4892 BTC/USD; bitcoin traded as high as above $10,000 in February.


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