(Yicai Global) June 11 -- Online finance marketplace Jiayin Group’s stock price [NASDAQ:JFIN] surged more than 10 times during trading yesterday as a number of Nasdaq-listed Chinese companies saw their stock price somersault as the tech-heavy New York bourse advanced to close at a record high.

Wins Finance Holdings [NASDAQ:WINS], a financial services company, was up more than two and a half times and gained more than seven-fold during the day. China Finance Online [NASDAQ:JRJC] closed up 51.5 percent after seeing its price double in the day. Shenzhen-based real estate firm Fangdd Network Group [NASDAQ:DUO] surged 13 times on June 9. It rose 30 percent yesterday before plummeting 66 percent to close at USD15.82.

These major price fluctuations could be down to the fact that some of these companies do not have a large number of stocks in circulation. So big volume buying and selling can cause significant changes in their stock price, according to market watchers.

Large US-traded Chinese stocks such as Alibaba Group Holding, Pinduoduo and Baidu held steady yesterday.

Last month, the US Senate passed a bill requiring businesses listed in the country to prove that they are not “owned or controlled by a foreign government” and to adhere to stricter audit requirements, a move that could squeeze out a number of Chinese firms.

There are around 248 Chinese companies worth USD1.6 trillion listed in the US, according to incomplete statistics.

But the Senate’s move appears to have done little to dampen investor sentiment. Its bill could not only “backfire” on American investors, but could also hurt Wall Street, in which case investment institutions are likely to lobby against the legislation, Jesse Fried, professor at the Harvard Law School, told CNBC on June 9.

Expectations that overseas-listed Chinese firms, known colloquially as concept stocks, will mount secondary listings in Hong Kong or the mainland are also increasing, market participants said. Tech titan NetEase listed in Hong Kong today and was 360-times oversubscribed. E-commerce giant JD.Com is preparing to follow suit this month.

Some 42 US-listed Chinese companies would be eligible for a secondary offering in Hong Kong, UBS analyst Zhu Xiaowei told Yicai Global. These firms are worth 46 percent of the combined market cap of all concept stocks, he added. The Hong Kong stock market has enough liquidity to accept these major listings.

Editor: Kim Taylor