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Blockchain Concept Shares Soar – and So Do Regulators’ Questions

As Chinese regulators zero in on companies tying themselves to blockchain, several of the companies have issued statements to clarify they are only in the initial stages of exploring the technology. Photo: IC
As Chinese regulators zero in on companies tying themselves to blockchain, several of the companies have issued statements to clarify they are only in the initial stages of exploring the technology. Photo: IC

Blockchain initiatives have no doubt gotten investors’ attention. Now they have regulators’ attention as well.

After Shanghai U9 Game Co.’s subsidiary announced plans to step into the blockchain space, its shares rose by the daily trading limit of 10% for two consecutive days. On Thursday, the company made public a list of question from the Shanghai Stock Exchange that pressed Shanghai U9 Game for concrete plans on developing and using blockchain technology. The exchange regulator also asked whether the company made an announcement related to something that was attracting a great deal of market attention to create hype or speculation over their shares.

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