Investors are snapping up Chinese Tech Stocks

Peer-to-peer online lender X Financial soared on its first day of New York trading, adding to a string of frenzied U.S. debuts by Chinese technology companies.

The company, based in the southern Chinese city of Shenzhen, more than doubled in early U.S. trading Wednesday. It later pared its gains to end the day 26 percent higher at $11.97. The company had raised $104.5 million after pricing its IPO at $9.50 per American depositary share, toward the bottom of the marketed range of $9 to $11.

“A lot of people are chasing this because, although the valuations are high, if we start to see a de-escalation in the overall trade wars, then obviously these companies are going to be safe bets,” said Stephen Innes, Singapore-based head of Asia Pacific trading with Oanda Corp. “Relative to what their counterparts in the U.S. are trading at, they’re actually not too bad.”

Bloomberg

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Stephen Innes

Stephen Innes

Head of Trading APAC at OANDA
Stephen has over 25 years of experience in the financial markets and currently based in Singapore as the Head of Trading Asia Pacific with OANDA. Stephen's market views focus on the movement of G-10 and ASEAN Currencies. His views appear in Bloomberg, CNBC.Reuters, New York Times WSJ and the Economist. His media appearances include Bloomberg TV & Radio, BBC International, Sky TV, Channel News Asia, ASTRO AWANI and BFM Malaysia. Stephen has an extensive trading experience in Spot and Forward FX, Currency and Interest Rate Futures, Money Market Derivatives and Precious Metals. Before joining OANDA, he worked with organisations like Nat West, Chemical Bank, Garvin Guy Butler, and Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes