Chinese Fintech, Energy Stocks Lead Gainers on Strong Tuesday

Stocks moved higher in New York and China in a buoyant day for the benchmarks.

Belinda Zhou
    Jun 23, 2020 2:20 PM  PT
Chinese Fintech, Energy Stocks Lead Gainers on Strong Tuesday
author: Belinda Zhou   

Major benchmarks in the U.S. and mainland China were in green territory on Tuesday after White House advisor clarified his comments on the U.S.-China trade deal further backed by a presidential Tweet saying that the deal remains in place. 

On the confirmation that Phase 1 of the trade agreement was fully intact, some Chinese U.S. listed firms posted solid gains.

Gainers

Shares of Fuwei Films (Holdings) Co., Ltd. (Nasdaq: FFHL) hit a seven-year high Tuesday after it reported strong sales in the first quarter, closing at $6.56 per share, up 40%.

The Beijing-based maker of biaxial oriented stretch technique plastic films reported net income of $1.83 million, turning profitable in the first quarter.

For the Fintech factor, online consumer finance marketplace Yiren Digital Ltd. (Nasdaq: YRD) saw its stock jump over 17% to $5.18 per share.

The stock price of Futu Holdings Ltd. (Nasdaq: FUTU) jumped 8% on Tuesday to $24.31 per share. The Hong Kong-based company operates digitized brokerage and wealth management platform for trading in Hong Kong, China, and the United States.

The energy sector performed well on Tuesday.

Daqo New Energy Corp. (NYSE: DQ) soared 14% to $68.81 per share. The Wanzhou-based energy giant manufactures and sells polysilicon to photovoltaic product manufactures in China.

Another Chinese energy player, JinkoSolar Holding Co. Ltd. (NYSE: JKS), gained 8% to $16.90 per share.

For the high-tech sector, shares in WiMi Hologram Cloud Inc. (Nasdaq: WIMI), an AR hologram platform operator, jumped 4% to $3.62 per share as the company announced its foray into chipmaking.

Kingsoft Cloud Holdings Ltd. (Nasdaq: KC) gained 15%, closing at $30.79 per share. The company offers public cloud services to customers and a subsidiary of Hong Kong-listed Kingsoft Corporation Ltd.

E-commerce players enjoyed a fruitful Tuesday. Alibaba Group (NYSE: BABA) enjoyed a 3% jump to $228.78 per ADS. Shares in Baozun Inc. (Nasdaq: BZUN) jumped 6% to $40.04 per share.

Losers

Scandal-ridden Luckin Coffee Inc. (Nasdaq: LK) fell 12% on Tuesday, closing at $2.79 per share. The company has lost 93% of its market value since early 2020. The company disclosed that it received an additional delisting notice from the Nasdaq for failing to file its annual report.

Beijing-based Wins Finance Holdings Inc. (Nasdaq: WINS) dropped 16% to $19.66 per share. The company offers financial guarantees, as well as financial leasing, advisory, consultancy, and agency services in Jinzhong City, Shanxi Province, and Beijing.

Shares in China Automotive Systems Inc. (Nasdaq: CAAS) declined 5% on slowed sales, closing at $2.97 per share on Tuesday. Its net loss hit $488,000 in the first quarter and its sales in the legacy hydraulic products shrunk in China. 

The stock price of HUYA Inc. (NYSE: HUYA) declined 5% on Tuesday to $18.51 per share. The Guangzhou-based game live streaming platform is a subsidiary of China's entertainment giant Tencent Holdings Ltd.

Indices

The Dow Jones Industrial Average gained over 131 points, or 0.5%, to 26,156. The S&P 500 gained 0.43% to 3,131, while the Nasdaq Composite was up 0.74% to 10,131.

The Hang Seng Index in Hong Kong was at 24,907, up 1.62%. The Shanghai Composite jumped 0.18% to 2,971 and the Shenzhen Composite up 0.78% to 11,794.

YOU MAY LIKE