Cryptocurrencies
China’s Cryptocurrency Stocks Left Behind in Bitcoin Frenzy
- Local market lacks exposure to key exchange, trading platforms
- Gauge of global crypto-linked stocks up 36% this year
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China’s blockchain stocks are missing out on the cryptocurrency mania that has pushed their global peers to record highs.
A Bloomberg-curated basket of seven key Chinese A-share stocks with ties to the blockchain technology underpinning cryptocurrencies -- including Shenzhen Forms Syntron Information Co., Shenzhen Ysstech Info-Tech Co. and Brilliance Technology Co. -- has fallen about 16% so far this year, according to data compiled by Bloomberg. That compares with a 36% rise in an Elwood Asset Management index tracking global blockchain-linked shares.