As the blockchain frenzy fades in China, one stock continues to rally as investors bank on its connection with President Xi Jinping.
Xinhu Zhongbao Co. holds nearly half of a firm whose chairman briefed Xi and other top officials about the technology last week. The property developer has risen the 10% daily limit four straight days after ending last week near 2019’s multi-year low. This week’s jump, which has added $1.7 billion to Xinhu’s market value, has shares again up 46% for the year and near 2019’s high. Volume on Thursday was nearly triple the daily average of the past three months.