AT least a dozen firms issued statements last week downplaying 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 is not involved in blockchain platforms, despite owning a stake in a blockchain company. Shenzhen Forms Syntron Information Co. said Wednesday a blockchain project it is 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. An emerging enthusiasm for crypto-related stocks is the latest challenge to China’s regulators. Hangzhou Sunyard jumped by the 10 percent daily limit before its statement, while Shenzhen Forms has rallied 32 percent this year. “It’s become somewhat a routine now that regulators will take measures or ask listed companies to make such clarifications whenever there’s a great deal of speculative trades in the market,” said Wang Chen, Shanghai-based partner with XuFunds Investment Management Co. “The regulators don’t want crypto-driven ‘stir-frying’ of stocks to develop further.” Dalian Yi Qiao Sea Cucumber Co. said last Monday a wholly-owned unit has yet to receive any payments for its services that use blockchain, so there’s “great uncertainty” over its possible contribution to the firm’s operations. (SD-Agencies) |