Blockchain concept carnival stop investor divergence big bet sign is not obvious

Recently, the carnival blockchain has cooled sharply under the key supervision of the Shanghai and Shenzhen Stock Exchanges. According to market research, the last five blockchain indices fell by 9%. For blockchain technology, the views of industry investors are not uniform, and the signs of investment institutions are not obvious.

At the beginning of 2018, the blockchain carnival in the A-share market was suspended for only half a month. Although VC/PE coffee is frequently heard for the blockchain, the attention is very high, but the financing of the blockchain project is not as hot as expected, and the signs of investment institutions are not obvious.

Blockchain concept carnival stop, investors' divergence, big bet signs are not obvious

Carnival stop

After the heavy losses on January 17, on January 18th, the blockchain concept stocks once again ushered in a general decline. Wind data showed that at the close of the market, 23 of the 30 blockchain concept stocks had experienced different degrees of decline. Xinchen Technology and Anne's shares fell more than 9%.

Looking back at the blockchain concept stocks in the past week, the roller coaster-like market is thrilling. From January 8th to 16th, the blockchain concept stocks quickly became popular, and the easy-to-see shares and Kelan software rose sharply. The leading stocks in the blockchain saw the stocks gain four consecutive daily limit. However, on the 17th, the market turned sharply, and 7 stocks such as Anne's shares fell.

The concept of market hot blockchain has also attracted the attention of the Shanghai Stock Exchange and the Shenzhen Stock Exchange. Recently, the Shanghai Stock Exchange said that blockchain technology is still in the development stage, it is still difficult to form a stable business, and the signs of concept hype are more obvious. The Shanghai Stock Exchange has adopted separate regulatory measures such as suspension of inquiry, suspension of cooling, and clarification of relevant concept stocks. The Shenzhen Stock Exchange also stated that disciplinary measures will be taken in a timely manner for speculation and misleading of investors in the use of the blockchain concept. If it is suspected of violating the law, it will be reported to the China Securities Regulatory Commission for investigation.

"The blockchain needs capital promotion rather than capital speculation, which is the advancement of technology ontology rather than the overall bubble of accessories." An industry source said.

Analysts are also beginning to show the risks. Fu Lichun, an analyst at Northeast Securities, believes that while the blockchain is attracting attention, it should pay more attention to the risks behind it. A number of listed companies issued clarification announcements stating that their company's blockchain business is in the stage of research and exploration, and has not yet formed relevant technologies and has no substantive results.

In his view, in the further implementation of the next stage of the blockchain, there will undoubtedly be many challenges: First, blockchain technology can not be used in full scope; second, blockchain technology faces specific patterns and social habits. The third is that the regulatory environment has not kept pace with innovation; the fourth is that the blockchain is a brand new technology whose potential risks are unknown.

The team of Everbright Securities Ye Qianyu believes that from the financial reports of the past three years, among the many blockchain concept companies, the related revenues brought by the blockchain technology are only listed as Taiyiyun. The rest of the companies may be late in the transformation, or only use blockchain technology as an auxiliary means of the company's main business for experimental development, and its application scenarios and profit models are not yet mature. Investors are advised to look at relevant concept stocks calmly and determine the investment direction based on the core value of the company.

Investors have big differences

BAT has clarified the relationship with "virtual currency." On the evening of January 16, Alibaba issued a statement saying that Alibaba Cloud's CDN business based on P2P technology has nothing to do with “mining platform” or “virtual currency”. Alibaba Cloud will never issue any virtual currency such as bitcoin. It will not provide any so-called "mining platform". Tencent also issued a statement saying that the Tencent blockchain is a fully developed blockchain underlying technology. It has been committed to building a blockchain open service platform and has never participated in any currency-issuing or transaction-related activities in any form, nor with any The organization cooperates in this regard.

At present, for blockchain technology, investors' views are not uniform, and even go to two extremes. The opposing party is mainly for the ICO. Zhu Xiaohu, managing director of Jinshajiang Venture Capital, said that Jinshajiang and himself will not participate in any ICO project. He even said that 99.99% of ICO projects are malicious fraud.

From the perspective of the support side, it focuses more on blockchain-based technological innovation and business restructuring. Cai Wensheng, chairman of Meitu, believes that the core of the blockchain economy is not technology, but the reconstruction of business logic, which is a technological revolution and a cognitive revolution. A similar point of view is Zhou Wei, founding partner of Chuangshi Partner Capital. In his view, the blockchain is a basic technology. At this level, there will be many innovative examples at the application level, but the outbreak is still needed. day.

A well-known VC investor in Beijing said that the application of blockchain technology should not stop at issuing virtual currency. The blockchain itself is an excellent accounting mode and encryption mode, and it is an end-to-end mode that cannot be tampered with. “Marking assets combined with blockchain technology may create greater opportunities in the future.”

Although the primary market is higher than the secondary market in terms of attention to the blockchain, the financing of the blockchain project is not as hot as expected. Unlike the surge in the secondary market, investors in the primary market seem to be more cautious, and the signs of VC/PE institutions' bets are not obvious. “We have not invested in any blockchain company and the possibility of future investment is small,” said the VC investor.

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