The technology landscape in China is heating up, with many Chinese companies now giving stiff competition to global tech-giants. And since the technology sector has become one of the major growth drivers of the Chinese economy, tech companies there are making substantial gains…
Regulatory threats have been weighing on Chinese tech companies and have put them under a spotlight in recent months. But these threats are expected to dissipate eventually as the country strives to become a global technological leader. So, we think betting on affordable Chinese tech stocks like FinVolution Group (FINV – Get Rating) and Cango Inc. (CANG – Get Rating) could be highly rewarding.
These two stocks have sound fundamentals but are currently trading below $10. With their continuing efforts to enhance their technological capabilities and strengthen their platforms, we believe these companies are well-positioned to deliver huge returns.
FinVolution Group (FINV – Get Rating)
Headquartered in Shanghai, China, FINV is an investment holding company that operates in the online consumer finance industry. The company’s financial platform connects underserved individual borrowers with financial institutions and provides standard and other loan products to its customers.
In January, FINV received a Capital Markets Services license from the Monetary Authority of Singapore (MAS), which allows it to conduct regulated activities in capital markets products in Singapore. This marks a significant milestone for the company because it strengthens its position regarding developing comprehensive financial services in the Southeast Asia region.
FINV’s net revenue increased 12.6% year-over-year to RMB1,793.3 million in the third quarter ended September 30, 2020. The company’s operating profit rose 6.2% from the year-ago value to RMB689 million.
FINV beat the Street’s EPS estimates in three of the trailing four quarters. A consensus revenue estimate for 2021 represents a 15.2% increase from the same period last year. The stock closed yesterday’s trading session at $5.41, gaining 181.8% over the past year.
FINV’s POWR Ratings reflect this promising outlook. The stock has an…
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