Chinese Regulator Investigates Firm’s Blockchain Efforts Amid Stock Surge
An obscure porcelain and education firm is under investigation by a top Chinese regulator after it became one of the most sought-after blockchain stocks last week.
Guangdong Great Wall Group, whose stock price soared for five consecutive days last week after Chinese president Xi Jinping praised blockchain technology, said Monday it was under investigation by the China Securities Regulatory Commission (CSRC).
The investigation comes as the government appeals for “rational” investments in Chinese blockchain and fintech firms.