Every blockchain-related stock in China received a boost on Monday following President Xi Jinping’s endorsement on the technology, per a Bloomberg report.
On the Shanghai and Shenzhen stock exchanges, over 60 tech stocks surged by 10%, the daily limit. According to Bloomberg, some of these companies are officially registered blockchain businesses, while others just recently asserted their connection with blockchain in order to capture the positive momentum precipitated by Xi’s comments.
Last week, Xi chaired a study session on blockchain with the senior leadership of the communist party. During the meeting, the president emphasized the importance to develop the new technology and the necessity of the country to take a leading position in it.
In Hong Kong, shares of Pantronics Holding also rose by 67% on Monday. The firm just appointed a new CEO, Leon Li, who presides over cryptocurrency exchange Huobi. The Shenzhen Information Technology Index also closed with a 5.3% surge on Monday.