Market Overview

On March 10, local time, the US House of Representatives voted to pass the $1.9 trillion COVID-19 rescue bill by a vote of 220 to 211. The plan will be submitted to US President Joe Biden for signature into law. The White House said before the result of the vote that the president would sign it on March 12.

At midday, the US Treasury sold $38 billion of 10-year Treasuries at an interest rate of 1.523 per cent, the highest since February last year, with a subscription multiple of 2.38, higher than the average of the previous six times.

As of Wednesday's close, the three major indexes closed mixed, with the Dow up 1.46% at an all-time high, the S & P 500 up 0.6% and the Nasdaq slightly down 0.04%. Boeing Co rose more than 6%, leading the Dow.

As of press time, the three major stock index futures rose slightly in after hours, with Dow futures up 0.06%, Nasdaq futures up 0.17% and S & P 500 index futures up 0.11%.

China listed stock

• Hot Chinese stocks rose in after-hours trading, with EHang Holdings Limited up more than 3% and Yatsen up more than 2%

Popular Chinese stocks rose after hours, with EHang Holdings Limited up more than 3%, Yatsen up more than 2%, Bilibili Inc., XPeng Inc. and NIO Inc. up more than 1%.

On the news side, according to media reports, NetEase, Inc Yun Music is seeking to be listed on the Hong Kong Stock Exchange. Substantial progress has been made and there is a high probability that it will be formally submitted to IPO next year.

Taiwan Semiconductor Manufacturing Co Ltd earned NT $106.534 billion in February, up 14.1 per cent from a year earlier and down 15.9 per cent from a month earlier. Revenue from January to February 2021 totaled NT $233.283 billion, an increase of 18.4 per cent over the same period last year.

Daiwa reported that it raised its target price for XPeng Inc. from $32 to $34 and its rating from "sell" to "buy".

Active after-hours US stocks

• Game Lego Roblox soared 54% in its debut yesterday, making it the fifth directly listed company in the history of the US stock market.

Roblox, listed under the ticker symbol RBLX in New York, opened at $64.50, up more than 43 per cent from the reference offering price. Since then, the gain has expanded rapidly, with the share price at one point approaching $75, up more than 66 per cent. In the end, Roblox closed up 54.4 per cent at $69.50. The stock fell slightly to $68.98 in after-hours trading.

Roblox is listed directly on the New York Stock Exchange, which is also the fifth directly listed company in the history of the US stock market.

It is understood that in February 2020, according to foreign media reports, online game platform "Roblox" today completed a $150 million G round of financing, led by Andreessen Horowitz's Late Stage Venture fund, and Temasek and Tencent also participated in the investment. At the same time, Tencent will be the only distributor of "Roblox" in China, and the two sides will set up a joint venture company to be jointly responsible for the operation of Robles, a branch in China.

On December 2, the State Press and publication Administration announced a new batch of approved lists of imported games. "Robles" has obtained mobile and client version numbers, and is represented by Tencent in the domestic market. At present, Roblox has a significant competitive advantage in the Chinese market and is expected to get the guidance of Tencent in the future. China has the largest youth group in the world, and Roblox has great potential for development in the Chinese market in the future.

• The game station staged a roller coaster yesterday, rising 40% and then falling; AMC cinema chain Q4 revenue exceeded expectations of $162.5 million, up more than 7% after hours.

WSB concept stocks rose collectively in intraday trading, of which Gaming Station fell at one point. GME rose more than 40 per cent at the beginning of midday, returning to above $20 billion, making it the largest constituent in the Russell 2000 index, but then fell as much as 20 per cent on the day, then rose to close up more than 7 per cent.

AMC, which rose more than 17 per cent in intraday trading, closed down more than 6 per cent. The results for the fourth quarter and the whole year of 2020 were released after the close of US stocks. After the announcement of the financial results, AMC cinema rose by more than 7% after trading.

The company's fourth-quarter revenue was $162.5 million and the market expected $142.4 million, according to the results. The adjusted loss per share is $3.15, while the market expects a loss of $3.53 per share. The adjusted loss before interest, tax, depreciation and amortization in the fourth quarter was $327.5 million.

Among other stocks, Gauss Electronics rose more than 121% in intraday trading, closing up nearly 70%.