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Chinese firms say blockchain work at early stage, after shares surge
January 11, 2018 / 3:10 PM / 5 days ago

Chinese firms say blockchain work at early stage, after shares surge

HONG KONG (Reuters) - Several Chinese companies, including Easysight Supply Chain and Shenzhen Kingdom Sci-Tech, said on Thursday their investments in blockchain technology were still at an early stage, following steep gains in their share prices.

Easysight Supply Chain Management Co Ltd plans to halt trading in its shares on Friday, it said in a filing on the Shanghai stock Exchange, after its stock ended up by the 10 percent daily limit due to media reports about its involvement in blockchain technology.

Blockchain is the backbone of bitcoin and other digital currencies that have surged in value in recent months, raising fears of a price bubble.

Shares of other companies, such as Shenzhen Kingdom Sci-Tech Co Ltd, Cashway Technology Co Ltd, Sunyard System Engineering Co Ltd and Client Service International Inc, also rose by the 10 percent daily limit on Thursday.

“Our company’s blockchain technology is still in the nascent and exploration stages,” Kingdom Sci-Tech said in a statement on the Shanghai exchange.

“We have not come up with specific products yet and therefore, there are no direct revenues from the blockchain technology arena.”

Other companies made similar announcements on the Shanghai and Shenzhen stock exchanges, where they are listed respectively.

Reporting by Lee Chyen Yee in SINGAPORE and Meg Shen in HONG KONG; Editing by Mark Potter

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