(Yicai Global) Oct. 28 -- Shares of Meitu, a Chinese photo editor firm, surged nearly 15 percent this morning after the central government spoke highly of blockchain development last week.

Meitu's [HK:1357] stock price opened 24 percent higher but retreated since then to stand at 14.86 percent up at HKD2.01 (US 26 cents) by 11.58 a.m. 

Meitu will develop a blockchain-based facial recognition system to decentralize user authentication, the Xiamen-based company said in its white paper in January 2018.

Editor: Emmi Laine