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Thursday, 22 March 2018

Companies Claiming Blockchain Affiliation To face Punishment in China

Shenzhen Exchange to start monitoring Companies Claiming Blockchain Affiliation. The trend of making falseful claims of embracing blockchain innovation to boost stock prices appears to have begun to take off in mainland China. According to China Money Network, “More than 20 listed companies have been questioned by the Shenzhen and Shanghai exchanges about their suspicious speculation on blockchain.”

In past months, many companies have grown and made a lot of profits on the hype surrounding blockchain and cryptocurrency technology.

In December 2017, for example, a small U.S beverage company saw its share price increase by over 400% after changing its name from Long Island Iced Tea Corp, to Long Blockchain Corporation. In a similar incident, Hong Kong-based Skypeople Fruit Juice appeared to double their share value by renaming to Future Fintech.

However, Shenzhen Exchange has stated that:
“Henceforth, we will closely monitor relative companies’ disclosure and their stocks in the secondary market. Companies that use blockchain to speculate and mislead investors will receive disciplinary punishment, and severe violations will be reported to the China Securities Regulatory Commission.”
Shanghai Exchange has now followed suit, announcing that 20 companies listed on its exchange appear to be speculating on blockchain technology.

Read Also: Only 7.95% of American population are investing in CryptoCurrency. See Why

But wait a moment, why these false claims on blockchain technology when they are not affiliated? And do you think China’s stock exchanges will be successful in cracking down these companies?

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