China’s Shenzhen Stock Exchange Requests Intel on 11 Blockchain Firms After Stock Price Surge

China's Shenzhen Stock Exchange to investigate nearly a dozen different blockchain projects to examine how they work and what they do to justify their soaring stock prices.

Ever since President of China, Xi Jinping urged the country to involve themselves more within blockchain technology, the Shenzhen Stock Exchange supposedly witnessed a surge in stock prices.

As per news outlet Coin 360, this has officially forced the Chinese Securities Regulatory Commission to open an investigation targeting 11 blockchain-based firms. The reason for such an initiation is allegedly due to the rise in skepticism on the possible types of activities they might be involved in. Soon after news regarding the investigation spread, many of these businesses supposedly saw a drop in their stocks.

Bearing all this in mind, on Monday, November 18, 2019, the Shenzhen Stock Exchange supposedly requested more information from the 11 blockchain-based firms regarding their business activities. Since the request, 9 of the 11 have clarified to the best of their abilities.

8 BTC has reported more on the clarifications and it turns out that of those who’ve responded, some of the major fields of operation include that of, ‘intelligent hardware, automobile manufacturing, power equipment, textile, medical care, games, TV, communication, education and enterprise services.’

Interestingly, many of the firms in question have yet to solidify their business model and how their activities involve blockchain technology, with the latter remaining in its early stages for most businesses. This leads to the question as to whether or not such firms can sustain over the course of time!

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Nirmala Velupillai
Nirmala Velupillai
Nirmala is a blogger who has been fascinated by the world of technology and its contributions to societal development. While a novice, her eager to learn about the crypto world has led her to write a number of pieces on its positive and negative aspects. On her spare time, she indulges in understanding and building statistical models and enhancing her painting skills.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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