QFIN - Chinese fintech stocks drop the most among financial stocks in the past week

Of the five financial-related stocks that declined the most for the week ended Aug. 20, three are China-based fintech companies. That's not surprising in light of China  implementing new regulations focused on data privacy. All of the top five losers also yield negative returns M/M. The five biggest decliners (among companies with market cap over $2B) are: UP Fintech Holding (NASDAQ:TIGR), a Beijing-based company that provides online brokerage services, (-17.4%); Noah Holdings (NYSE:NOAH)(-16.5%), a Shanghai-based company providing wealth and asset management services, Futu Holdings (NASDAQ:FUTU) (-10.2%), a Hong Kong company that operates an online brokerage and wealth management platform; Silvergate Capital (NYSE:SI) (-9.8%) and; Rocket Companies (NYSE:RKT) (-8.9%). Strangely, two of the top five five financial gainers (with a market cap of $2B+) are also Chinese fintech firms. China-based financial services platform Lufax Holding (NYSE:LU) saw its stock climb 9.0% during the week; Marathon Digital (NASDAQ:MARA) (+7.2%) gained as Bitcoin's market cap surpasses

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Chinese fintech stocks drop the most among financial stocks in the past week