China's Jihong Shares Jump on Blockchain Tie-Up With Huobi to Trace FMCG
Tang Shihua
DATE:  Oct 28 2019
/ SOURCE:  yicai
China's Jihong Shares Jump on Blockchain Tie-Up With Huobi to Trace FMCG China's Jihong Shares Jump on Blockchain Tie-Up With Huobi to Trace FMCG

(Yicai Global) Oct. 28 -- The share price of Jihong Technology rose this morning after the Chinese packager of fast-moving consumer goods said that it will cooperate with cryptocurrency exchange Huobi to develop blockchain technologies to track down goods.

Jihong's [SHE: 002803] stock price climbed 6.2 percent to CNY24.45 (USD3.50) by 10.50 a.m. 

Jihong penned a cooperation framework agreement with Huobi's Shanghai unit Huoyu Technology on Oct. 25, the Xiamen-based firm said in a statement today. 

The parties will form a supply chain management system that is fully traceable, aiming to improve efficiency and consumer trust, the statement added. The tool will also help Jihong in its pursuit to retain clients via data-driven precision marketing.

Founded in China, Huobi moved its headquarters to Singapore after the government started cracking down on cryptocurrency exchanges in 2017.

Editor: Emmi Laine 

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Keywords:   Jihong Technology,Huobi,Blockchain Technology