Shares of Chinese company soared 150% after change of activities from production of juice to financial technology

Almaty. December 20. Silkroadnews - Shares of the Chinese company soared 150% after the change of its activities from the production of juices to financial technologies, reports Businessinsider.
“Shares of China’s Future Fintech Group, an unprofitable firm formerly known as SkyPeople Fruit Juice, exploded as high as 221% Tuesday after the company announced it would pivot to financial technology, eventually settling up roughly 127%,” the report says.
The change in the company’s operation direction happened on May 26, 2017, according to public statements, but investors did not seem to notice this. Shares steadily declined in price until yesterday’s unexpected jump.
As reported on the company’s website, it “utilizes financial technology solutions to operate and grow its businesses. The Company is actively leveraging e-commerce and new technology platforms, and is building a regional agricultural products commodities market with the goal to become a leader in agricultural finance technology.”
On December 1, Future Fintech Group received a written warning from Nasdaq about risk of being delisted due to its inability to maintain a market value above $5 million, unless the situation changes for the better by May 2018. The sudden jump in stocks boosted the company’s market value to about $9.57 million.
It is reported that Future Fintech Group is not the only Chinese company whose stocks soared after switching over to blockchain technologies.