UP Fintech stock slides, LexinFintech jumps after China’s latest economic measures
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1 month ago
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- UP Fintech (NASDAQ:TIGR) stock slumped 10% at midday in U.S. trading after the Chinese government’s latest round of measures to support its economy failed to include any significant new stimulus. Brokerage app stocks slipped, while consumer finance names mostly gained.
- The government’s announcement came as China and Hong Kong’s stock markets reopened after the two-week-long Golden Holiday. At the close of Monday’s trading, Hong Kong’s Hang Seng Index fell 0.8%, the Shanghai 180 Index jumped 1.8%, and the Shenzhen Composite Index climbed 3.0%.
- Trading was mixed for Chinese fintechs. UP Fintech (TIGR), known for its Tiger Brokers online brokerage, dropped the most among the more well-known names. Rival online brokerage Futu Holdings (NASDAQ:FUTU) fell 2.6%. FinVolution Group (NYSE:FINV), which operates a lending platform, slid 1.4%.
- But a number of names, posted significant gains in U.S. trading. LexinFintech (NASDAQ:LX), which offers consumer finance products including installment loans, surged 8.4%, Lufax Holding (NYSE:LU), which lends to small and micro businesses, climbed 4.7%, and KE Holdings (NYSE:BEKE), the owner of the Beike real estate platform, rose 1.6%.