Xi’s Blockchain Push Triggers Frenzy in China Technology Stocks
- Shenzhen tech index surges 5.3%, the most in eight months
- Investors urge companies to develop blockchain businesses
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Chinese investors snapped up every blockchain-related stock in sight after President Xi Jinping said Beijing wants to speed up development of the technology.
The gains were widespread Monday, with Insigma Technology Co. and Sinodata Co. among more than 60 tech shares surging by the daily limit in Shanghai and Shenzhen. The excitement coincided with a 26% rally in Bitcoin, and also boosted stocks with more tenuous connections to blockchain, like baby-food producer Beingmate Co. and selfie-app developer Meitu Inc.