TIGR - Chinese financial stocks surge as market rebounds on policy support
U.S.-listed Chinese financial stocks are skyrocketing in premarket trading, Wednesday, as the country's top policymaker ensured equity market stability. Qudian (NYSE:QD) +12.6%, FinVolution (NYSE:FINV) +16.2%, LexinFintech (NASDAQ:LX) +17%, 360 DigitTech (NASDAQ:QFIN) +20%, KE Holdings (NYSE:BEKE) +46%, Futu Holdings (NASDAQ:FUTU) +30% and UP Fintech (NASDAQ:TIGR) +27% are all gapping up double digit percentage points. The Hang Seng Index (HSI) +9% soared back over 20K. With the country's real economic growth fading amid inflationary pressures from Russia's invasion of Ukraine, Vice-Premier Liu He said the Chinese government would take measures to “boost the economy in the first quarter,” in addition to introducing “policies that are favorable to the market,” the Financial Times reported. For company specific news, real estate platform KE (BEKE), which is performing the best among peers, got upgraded to Overweight at Morgan Stanley as policy accommodation "should support a housing market recovery," equity analyst Steven Tsai wrote in a note to clients. Consumer finance platform FinVolution (FINV) lifted its
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Chinese financial stocks surge as market rebounds on policy support