Market Overview

The minutes of the March meeting released by the Federal Reserve show that the US economy is still far from achieving its long-term goals and will adhere to its current monetary policy stance to promote economic recovery. Many participants pointed out that changes in policy paths should be based primarily on results rather than projections. Most participants agreed that the risks to the economic outlook were roughly balanced.

U.S. Treasury Secretary Yellen unveiled details of the new corporate tax law proposed by the Biden administration. She said the plan would be fairer to all Americans and would eliminate the incentive for companies to shift investments and profits overseas and raise more money to meet key domestic needs.

She said the changes would bring about $2,000bn of corporate profits back to the US tax network over a decade, of which measures that make companies no longer have an incentive to move profits overseas would generate about $700 billion in federal revenue.

As of press time, the three major stock index futures rose after hours, with Dow futures up 0.13%, Nasdaq futures up 0.26% and S & P 500 index futures up 0.24%.

China listed stock

• Hot Chinese stocks rose in after-hours trading, with So-young International Inc up 3% and Yatsen up more than 1%

After trading on Wednesday, So-young International Inc rose 3%, Yatsen and EHang Holdings Limited rose more than 1%, XPeng Inc., Li Auto Inc. and NIO Inc. followed suit.

On the news, Li Auto Inc. announced plans to issue $750 million of convertible senior bonds due in 2028.

NIO Inc. CEO Li Bin said that most of the automotive chips that are out of balance between supply and demand are basic chips, which poses short-term pressure on the industry and is expected to pose a greater challenge to the second quarter.

• The secondary new stock UTIME LTD rose nearly 2000% in two days, and closed up 875% on the first day.

UTIME LTD, a maker of mobile phones and accessories, rose another 110 per cent to $82.17 yesterday, while it fell sharply in after-hours trading and is now down 13.87 per cent. By Wednesday's close, the stock was up 1954.25% from its offering price ($4) in two days.

It is reported that the company is mainly engaged in the design, development, production, sales and brand operation of mobile phones, accessories and related consumer electronic products. It also provides Electronic Manufacturing Services (EMS) for well-known brands such as TCL subsidiaries and Haier subsidiaries, including original equipment manufacturer (OEM) and original Design manufacturer (ODM) services.

On the first day of IPO in the United States, UTIME LTD rose more than 1000% in intraday trading, which was once close to the biggest first-day gain of US stock IPO since 1999, and suffered at least nine circuit breakers because he rose too fast, finally closing at 875%.

Active after-hours US stocks

• The trend of the block chain plate diverged after trading, with MARA up 3% and SOS down more than 3%.

Block chain plates were mixed after trading, with MARA up 3%, The9 Ltd and RIOT up more than 1%, RIOT down more than 3%, and ZW Data Action Technologies In down more than 1%. Ebang International Holdings Inc and Xunlei Ltd are weaker.

As of Wednesday's close, SOS Ltd closed up more than 28%, and some netizens said on Reddit, a US retail forum, that the short-selling of SOS Ltd had begun.

Ebang International Holdings Inc responded yesterday that the Hindenburg study contained many errors, speculation without evidence and an inaccurate explanation of the incident. The company's board of directors is also aware of the Hindenburg short report. The Board and its Audit Committee will further examine these allegations and false information and will take all necessary and appropriate actions to protect the interests of shareholders.

Earlier, the short seller Hindenburg Research (Hindenburg Research) published a short report against Ebang International Holdings Inc, saying the latter was suspected of insider trading to illegally transfer funds.