{"id":402620,"date":"2019-10-28T14:00:38","date_gmt":"2019-10-28T14:00:38","guid":{"rendered":"https:\/\/uniquehot.com\/?p=402620"},"modified":"2024-06-11T07:50:44","modified_gmt":"2024-06-11T07:50:44","slug":"this-crypto-related-stock-surged-67-after-xi-jinpings-blockchain-push","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/this-crypto-related-stock-surged-67-after-xi-jinpings-blockchain-push\/","title":{"rendered":"This Crypto Related Stock Surged 67% after Xi Jinping’s Blockchain Push"},"content":{"rendered":"
Hong Kong investors increased their exposure in a blockchain firm after China’s premier Xi Jinping endorsed the technology<\/a> in his Friday speech.<\/p>\n The stock value of Pantronics Holdings Limited (1611:HK<\/a>), a Hong Kong-based electronic product manufacturing firm, climbed by up to 67.10 percent on Monday. The company did not display any concrete fundamentals that could push its stock price exponentially except its relationship with a cryptocurrency exchange.<\/p>\n Singapore-based Huobi Global, in August 2018, had acquired 74 percent of stakes in Pantronics in a reverse takeover. The exchange, at the time of the acquisition, hinted that it would utilize Pantronics to create equipment for a new blockchain-enabled phone targeting cryptocurrency traders<\/a> created by the Whole Network, a startup which attracted investment from Huobi’s venture capital arm in 2018.<\/p>\n The cross-connections between Pantronics and Huobi helped the former attract bulls during the early morning trade. Its stock price surged to as high as 6.50 points on Monday from Friday’s close of 3.89 points. Most notably, the rate opened on Monday at a much higher level than Friday’s close of 5.80, showing that investors had already processed Xi Jinping’s favorable comments on the blockchain technology before the Hong Kong Exchange opened after the weekend.<\/p>\nPump and Dump on HKEX<\/h2>\n