Bitcoin Crackdown Has China Stocks Playing Down Crypto Links
- China avoiding crypto-driven ‘stir-frying’ of shares: XuFunds
- Firms include Hangzhou Sunyard and Dalian Yi Qiao Sea Cucumber
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At least a dozen Chinese listed companies have issued statements this week playing down links to blockchain technology amid signs regulators are trying to limit the kind of speculative surges seen in other markets.
Hangzhou Sunyard System Engineering Co. said Thursday it’s not involved in blockchain platforms, despite owning a stake in a blockchain company. Shenzhen Forms Syntron Information Co. said Wednesday a blockchain project it’s undertaking has “very little contribution” to its earnings and there’s “great uncertainty” on its future impact. Both companies said exchange operators had asked them to remind investors of risks.