Daily Management Review

Chinese tech stocks rise sharply after Xi Jinping's speech about blockchain


Chinese investors began to invest en masse in all the companies in the country that are somehow connected with the blockchain.

Marco Verch via flickr
Marco Verch via flickr
It happened after on Friday, October 25, Chinese President Xi Jinping said that the government intends to actively develop this technology. As a result, the Shenzhen Information Technology Index added 5.3% on Monday, the most significant increase in eight months.

At the same time, the shares of more than 60 companies listed on the stock exchange in Shenzhen reached the limit of daily fluctuations set by the exchange of 10%. There are no such restrictions on the Hong Kong stock exchange, and there the growth of shares of some technology companies was calculated in tens of percent. For example, shares of the smartphone and software developer Meitu at the opening of trading on Monday added about 25%. And the quotes of Pantronics Holdings, which previously announced the upcoming change of company name to Huobi Technology in honor of one of the cryptocurrencies, grew by 67%.

Bitcoin was also marked by a sharp rise in price: after the speech of the leader of China, it quotes grew by almost 40% - from $ 7500 to $ 10,200 for one digital coin. 

source: finance.yahoo.com