Chinanet Online Holdings Inc (NASDAQ: CNET) is having yet another incredible day in the market, following up on the recent gains that we’ve seen from the stock. Ultimately, the gains are the result of the company’s entrance into blockchain technology. Today, we’ll talk about CNET and the blockchain, what we’re seeing from the stock, and what we’ll be watching for ahead.
CNET Gains Big On Blockchain News
As mentioned above, Chinanet Online Holdings is having yet another incredible day in the market today, following up on recent gains sparked by blockchain news. On January 4th, the company issued a press release informing investors that it has entered into a strategic partnership with Wuxi Jingtum Network Technology.
The goal of the partnership is ultimately to use the advantages of both companies and exchange each other’s work together to jointly develop blockchain applications. The goal here is to create applications that promote preparation as Chinese enterprises enter what is being called a “new era of digital assets.”
CNET said that both companies will work together to develop credible, traceable, and highly secured blockchain applications for business entities. In a statement, Mr. Handong Cheng, CEO at CNET, had the following to offer:
“With the introduction of blockchain technology, the platform-centric services in the past will gradually shift toward decentralization, solving trust issues in business cooperation and services and enhancing user vitality and stickiness… Chinanet Online will also gradually shift from information services to transaction services for business opportunities to create a multi-industry cross-chain value-based internet sharing entity. This partnership will help ChinaNet to further integrate blockchain technology into our CloudX artificial intelligence and simultaneously create the public chain of marketing and advertising for small and medium enterprises, eventually branching out from these areas to gradually cover other applications such as business transactions payments, education and training to create a healthy and sustainable business ecosystem and entrepreneurial environment.”
What We’re Seeing From The Stock
One of the first things that we learn as investors is that the news moves the market. Recently, there have been few bits of news that cause as dramatic movement in the market as blockchain news. Following the announcement, CNET started to soar and hasn’t come down yet. Today, we’re seeing even more strong movement. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (11:16), CNET is trading at $6.71 per share after a gain of $1.01 per share (17.72%) thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on CNET. In particular, we’re interested in following their work in the blockchain space. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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