China Brokerage Stocks Surge on Optimism Over Crypto-Trading
Chinese brokerage stocks posted their biggest jump in nearly nine months on growing optimism that more firms may get crypto-trading licenses.
CC Securities soared 53%; GLMS, SWHY, CSC and Holly Futures up 10%; EB Securiites and CMSC up 8%.
“Investors are betting on more brokerages to get license upgrade to offer virtual asset trading services,” said Ravi Wong, first vice president at Yan Yun Family Office. If this materializes, “it will boost their earnings,” he said.
Sentiment in the sector also got a boost after a Shanghai asset regulator vowed at a seminar on Thursday to improve research on digital currency and explore application of blockchain technology in cross-border trade, supply chain finance and asset digitalization.
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