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ChinaNet Online (CNET) shares are skyrocketing by 185% in pre market this morning. The company is partnering with Jingtum Technology. If you've never heard of this company, you are not alone. 99.999% of the entire world has never heard of this company either!
The key word in the press release: Blockchain
ChinaNet-Online Holdings, Inc. (CNET) ("ChinaNet" or the "Company"), an integrated online advertising, precision marketing and data-analysis and management services platform, today announced a strategic partnership with Wuxi Jingtum Network Technology ("Jingtum" or "Jingtum Technology"), the credible blockchain ecology builder and announced the expansion into the blockchain industry and its related technology. Both companies will utilize their respective advantages and exchange each other's work together to jointly develop blockchain applications.
Through the contribution of underlying technologies in the blockchain, Jingtum Technology aims to develop a new generation of value-based internet technologies in China helping to upgrade from an information-based network to a value-based exchange network, establishing a credible ecology and promoting preparation as Chinese enterprises enter a new era of digital assets. Jingtum’s system is a decentralized and ecologically interactive internet trading network based on blockchain technology.
The system addresses data trust issues through cryptography and distributed coherency mechanisms while maintaining rich transactional and contractual features. This strategic partnership between ChinaNet and Jingtum is focused on blockchain technology to build a credible, fair and transparent platform for business opportunities and transactions. Both companies will aim to develop credible, traceable, and highly secured blockchain applications for business entities.
Both companies agree that blockchain technology enjoys extremely large demand in applications for small and medium-sized enterprises including product traceability, product certification, disintermediation, customer identification, and brand communication. The most fundamental value and significance is that the enterprise brand and reputation can be converted into digital form and enter the global digital asset trading market for transactions and circulation. It is believed that the application of blockchain in the field of business development and marketing can help SMEs across the world to build a new business ecosystem based on algorithmic trust.
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CNET continues to be in play. Shares bounced off $5 yesterday and then exploded up to $7. Expect major volatility all week which is great for trading. Avoid below $5.