Xi’s blockchain push triggers frenzy in China tech stocks

Chinese President Xi Jinping and Brazilian President Jair Bolsonaro attend a welcoming ceremony at the Great Hall of the People in Beijing, China, October 25, 2019. REUTERS/Jason Lee

BEIJING: Chinese investors snapped up every blockchain-related stock in sight after President Xi Jinping said Beijing wants to speed up development of the technology.

The gains were widespread Monday, with Zhejiang Huamei Holding Co Ltd. and Julong Co Ltd. among more than 60 tech shares surging by the daily 10% limit in Shanghai and Shenzhen. The excitement coincided with a 30% rally in Bitcoin, and also boosted stocks with more tenuous connections to blockchain, like baby-food producer Beingmate Co. and selfie-app developer Meitu Inc.