UPST - Chinese fintech stocks top weekly financial gainers; two insurance names decline

Some U.S.-listed Asian fintech rode higher this week after China pledged to stabilize markets and to support companies listing overseas. Meanwhile, the financial stocks that fell the most were more of a mix: two insurance-related companies, a regional bank, a business development company and a Colombia-based financial services firm. Hong Kong-based Futu Holdings (NASDAQ:FUTU), which had been beaten down since late June, surged the most of financial stocks with market cap of over $2B, rising 58% for the week ended March 18. Still, the stock is down 11% for the month and 69% from a year ago; Shanghai-based Lufax Holding (NYSE:LU), a personal financial services platform, is in a similar position. Its stock rose 42% for the week, but is still down 56% from a year ago; Shanghai-based 360 DigiTech (NASDAQ:QFIN), a digital consumer finance platform, rose 33% for the week; Singapore-based Grab Holdings (GRAB), known for its super app including food delivery and financial services,

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Chinese fintech stocks top weekly financial gainers; two insurance names decline