Shenzhen Exchange: how about you stop mentioning blockchain just to get more money
Chinese-based Shenzhen Exchange has announced its intention to check companies which claim they either develop or use blockchain technologies.
While it’s hard to say who manipulates the price of Bitcoin and to what extent, companies indeed manipulate their own stock price by adding “blockchain” in the brand or just claiming they use or develop blockchain technology. This is directly connected with the market hype around the innovation.
One of the examples provided by the digital currency media is Zhejiang Enjoyor Electronics. The organization has claimed it was developing a blockchain-based forensic certificate, while in reality it apparently did not, because when the Shenzhen Exchange asked if this information was correct, Zhejiang Enjoyor simply deleted the original message. But the stock price of this firm has already boosted up by that time.
To prevent similar cases, the exchange will now pay special attention to firms which claim they have connections with the topic.
In a similar and probably the most famous occasion by far, the company focused on tea production has suddenly announced its intention to work on blockchain technology and renamed itself to Long Blockchain. The financial result of this decision can be read about in a separate report by Bitnewstoday.
Image courtesy of Depositphotos
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