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Tag: Hong kong stock exchange

  • iQIYI (IQ) Loses 6.8% as Funds Flock to AI

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    We recently published 10 Stocks Melt Down in Hours. iQIYI Inc. (NASDAQ:IQ) is one of the worst performers on Wednesday.

    Shares of iQIYI dropped by 6.81 percent on Wednesday to close at $2.6 apiece as funds shifted to artificial intelligence, while investors continued to digest trade tensions anew between the US and China.

    Earlier this week, China warned the US over attempts to interfere in its issues on Taiwan and the South China Sea, saying that any move by Washington will be thwarted by Beijing. The fresh warnings weighed down on investor sentiment for Chinese companies.

    iQIYI (IQ) Loses 6.8% as Funds Flock to AI

    Copyright: sainaniritu / 123RF Stock Photo

    Additionally, several Chinese firms staged plans to pursue secondary listing on the Hong Kong Stock Exchange (HKEX) over fears of getting delisted from the US stock markets, suggesting that concerns on the two countries’ strained relations lingered.

    According to reports, iQIYI Inc. (NASDAQ:IQ) is underway with an initial public offering on the HKEX, which could raise the company up to $300 million in fresh funds. An official application is targeted to be filed by the end of the third quarter.

    A report by Reuters, citing people privy to the matter, said that iQIYI, Inc. (NASDAQ:IQ) officially tapped Bank of America, JPMorgan, and China International Capital Corp. to work on its Hong Kong listing scheduled for February 2026.

    While we acknowledge the potential of IQ as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

    READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

    Disclosure: None. This article is originally published at Insider Monkey.

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  • Jobs report stokes Wall Street rally that erases the week’s earlier losses

    Jobs report stokes Wall Street rally that erases the week’s earlier losses

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    Wall Street soared Friday on news that employers are still hiring in strong numbers, recovering from slumps caused by fears that escalating Middle East tensions could impact global energy supply.

    • S&P 500: 5,751.07 ⬆️ up 0.90%
    • Nasdaq Composite: 18,137.85 ⬆️ up 1.22%
    • Dow Jones Industrial Average: 42,352.75 ⬆️ up 0.81% 
    • STOXX Europe 600: 518.56 ⬆️ up 0.44%
    • Hang Seng Index: 22,736.87 ⬆️ up 2.82%
    • Nikkei 225: 38,635.62 ⬆️ up 0.22%
    • Bitcoin: $62,336.70 ⬆️ up 2.62%

    US: Wall Street gains on stellar jobs report
    US employers added 254,000 jobs in September, surpassing estimates and signaling continued economic strength. The S&P 500 closed up 0.90%, and the Dow neared its record, up 0.81%. Meanwhile, the tech-heavy Nasdaq climbed 1.22% with big gains for Nvidia, Broadcom Corp. and Advanced Micro Devices.

    The news erased losses from earlier in the week, as S&P 500 finished with a 0.22% weekly gain, while the Dow added 0.09%, and the Nasdaq ticked up 0.1%.

    Europe: US jobs report lifts markets abroad
    Europe markets were mixed in early trading but gained on the U.S. jobs report. The Stoxx Europe 600 closed up 0.44% and the U.K.’s FTSE made up for losses early in the day, hovering near its Thursday close.

    China: Hong Kong rally resumes after holiday
    Hong Kong shares resumed their rally on the back of China’s stimulus measures, jumping 2.82% a day after traders took profits following a three-week rise of some 30%.

    Japan: Markets end week near where they started
    The Nikkei 225 ended a yo-yo week with a slight 0.22% gain after new Prime Minister Shigeru Ishiba outlined his economic agenda, which includes above-inflation pay raises and assistance for low-income households.

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    Brooke Seipel

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  • Hong Kong Stock Exchange to list crypto ETFs 

    Hong Kong Stock Exchange to list crypto ETFs 

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    The Hong Kong Stock Exchange has accepted the Hong Kong Securities and Futures Commission’s decision to list crypto spot ETFs.

    The Hong Kong Stock Exchange’s (HKEX) Head of Equities Product Development, Brian Roberts, highlighted the exchange’s readiness to capitalize on the opportunities presented by ETF investing. Roberts noted that HKEX is well-prepared to work closely with issuers and other stakeholders to introduce this new ETF product. He emphasized that this development will add more diversity and choice to the market, further enhancing Hong Kong’s attractiveness and competitiveness as an international financial center.

    Previously, the Hong Kong Securities and Futures Commission’s (SFC) activities in virtual assets were limited to accredited investors. However, they have recently expanded their scope to enable a broader range of investment products. This includes granting permission for virtual asset futures ETFs to conduct initial public offerings (IPOs) in Hong Kong and allowing virtual asset trading platforms to operate with retail investors.

    One notable aspect of this development is the readiness of the SFC and HKMA to accept applications for crypto spot ETFs. Intermediaries distributing products related to virtual assets must follow the specific standards of conduct outlined in the circular, ensuring additional safeguards for investors due to the complexity of these products.


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    Mohammad Shahidullah

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  • Hong Kong Stock Exchange’s First Bitcoin Futures ETF Receives $53 Million Initial Investment

    Hong Kong Stock Exchange’s First Bitcoin Futures ETF Receives $53 Million Initial Investment

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    Investors in the Hong Kong Stock Exchange will be able to trade the CSOP Bitcoin Futures ETF (3066.HK) starting December 16 according to a press release. The ETF will track the Chicago Mercantile Exchange’s Bitcoin ETFs through active investment. It has received approximately $53 million in initial investments at a listing price of $1 (HKD 7.75).

    The approval of the ETFs has both positive and negative connotations — while it signals acceptance amongst traditional finance in the Asian markets, it is not truly bitcoin in the sense that one cannot exchange the ETF shares for real bitcoin, nor is the ETF itself backed by a reserve of actual bitcoin. There are claims that such “paper bitcoin” can suppress the price of real bitcoin through diversion of demand.

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    BtcCasey

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