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Another Chinese Firm Hit By Bourse Investigation Over Blockchain Claims


Mar 22, 2018 Posted /  3293 Views


Another Chinese Firm Hit By Bourse Investigation Over Blockchain Claims

SZSE has indeed grown up to be very strict on blockchain partnerships. It has investigated the second public company within a week span.

According to the recent report issued on Tuesday, the SZSE has issued a legal notice to provide more details over the company’s announcement of its partnering with blockchain startup. The company under the radar is Lifesense that makes healthcare devices. The partnership was to launch a research lab aimed to boost up the use of blockchain technology in the healthcare market.

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The cause of coming in the radar

The exchange drew attention that soon after the public announcement the company’s shares boosted up to 10%.

This exchange regulates the public stocks as well as public firms in China.

The outcomes

The exchange has ordered to halt the public trading of Lifesense stock until substantial details have been submitted by the firm.

Moreover, it can also be the case where a firm uses the hype of blockchain to intentionally drive their share prices.

Conclusions

This is the second time in a week that China regulatory bodies have halted stock exchanges. This can be seen as potential efforts to shut down misleading claims over Blockchain technology.

The previous month, the SZSE had published a message on what and regulated all around that it has a list of all companies that are driving their share prices up by using hype of blockchain related terminology in their promotions.

As per being news, the list contains names of more than 20 companies and are being questioned by SZSE.


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