On the backtrack from of China’s most recent pharmaceutical scandal, stock investors are corrupting into a public company’s claim to be developing a blockchain for tracking vaccines – but one watchdog isn’t exultant about it.
As reported by CoinDesk earlier this week, following a vaccine figures scandal exposed last weekend, the Chinese crypto community weighed in with the barney that blockchain could be a potential solution for monitoring the vaccine provision chain.
After the scandal broke, YLZ Info, a software company listed on China’s Shenzhen Investment Exchange, announced that it is now planning to work with Alibaba payment affiliate Ant Monetary to create a blockchain for just that purpose.
The claim followed a preceding announcement made by the company in March indicating it was cooperating with Ant Economic on technological development in areas that include blockchain.
Perhaps unsurprisingly, YLZ’s requirement on Monday to be planning a specific vaccine blockchain project appears to require prompted keen interest from stock investors in the country.
Since the advertisement, the company’s stock price has surged by 10 percent on each of the biography three days, recording a significant total spike of as much as a 50 percent and reaching an upland limit imposed by market regulators in China.
Given the stock wave, the Shenzhen Stock Exchange – which has the remit to regulate public organizations to comply with securities law in China – sent an enquiry to the company on Wednesday continually, demanding that YLZ deliver substantial proof of its capacity and resources in R&D of blockchain technology by Friday.
The market further demanded details regarding the firm’s collaboration with Ant Pecuniary on the topic – effectively asking whether the company is actually partnering to operate on the vaccine project or merely harnessing blockchain hype in conjunction with a viewable crisis to juice up its stock price.
Vaccine image via Shutterstock
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