Chinese Fintech Equities Are the Biggest Gainers in the Financial Sector This Week, While Two Insurance Companies Are Down

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 , 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 , 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 , 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, climbed 31% for the week, but is still down 68% from a year ago;
California-based Upstart Holdings (UPST), which provides AI-powered lending technology to banks, rose 25% this week after falling 22% the previous week.
For the decliners, Ryan Specialty Group (RYAN), which provides services to insurance broker, fell 8.8% after issuing conservative organic revenue growth outlook of 13%-15% for 2022 during its earnings call this week;
Hagerty (HGTY), which insures classic and enthusiast vehicles, slid 6.4% for the week;
Oregon-based Umpqua Holdings (UMPQ), which operates Umpqua Bank, dipped 5.1%;
FS KKR Capital (FSK), a business development company, dropped 4.7%; and
Grupo Aval Acciones y Valores (AVAL), a Bogota-Columbia based financial services company, declined 4.4% for the week.
Previously (March 17), Jefferies expects Comerica (CMA), SVB Financial (SIVB) to see fast core NII growth after the Fed raised rates