Monday, March 8, 2021

Chinese Stock Trading App a Clear Winner in Retail Trading Frenzy

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News Analysis Chinese stock trading app Webull has been one of the biggest beneficiaries of the retail trading frenzy that gripped the U.S. stock market in early 2021. Reddit-based retail investors generated huge volumes across the U.S. financial markets, sending heavily shorted stocks such as GameStop and AMC skyrocketing in late January. The trading frenzy has been especially fortuitous for Webull, a Chinese trading app competitor of Robinhood, which saw a sudden surge in downloads after the latter descended into controversy for restricting trades in certain stocks. Demand from retail investors, including those who follow the popular WallStreetBets Reddit page, had driven up the prices of certain heavily shorted stocks. This sparked intense media coverage and general interest in stock trading. The Webull app experienced a huge surge in downloads during the last week of January, at one point becoming the No. 2 free Apple iPhone app in the United …

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