What's Going On With China-Based Up Fintech Stock?

UP Fintech Holding Limited TIGR shares are trading higher Wednesday as U.S.-traded Chinese stocks move on continued strength following recent stimulus measures.

The Details:

China has announced a bevy of stimulus measures over the past week including lower interest rates, additional liquidity for its banking system and reduced real estate purchase restrictions. Additionally, China’s central bank will set up a swap facility that would give non-bank financial institutions access to at least $71 billion in funding to buy shares, in an effort aimed at stabilizing China’s stock market.

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Up Fintech is an online brokerage firm which allows Chinese investors to trade in equities and other financial instruments on multiple stock exchanges. The company could benefit from increased capital in the markets resulting from China's intensive stimulus package. 

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Up Fintech shares have gained nearly 100% over the past five sessions and are climbing on heavy trading volume Wednesday. According to data from Benzinga Pro, more than 38 million shares have been traded in the session, compared to the stock’s 100-day average of 1.595 million shares.

TIGR Price Action: According to Benzinga Pro, Up Fintech Holding shares are up 30.5% at $8.13 at the time of publication Wednesday.

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Image: Courtesy of Up Fintech Holding, Ltd.