(Yicai Global) Dec. 27 -- Shares in Infinova Technology skyrocketed today after the Chinese security electronics maker unveiled a tie-up in blockchain research with Beijing Bitmain Technology, the world's producer of bitcoin mining rigs.

Shenzhen-based Infinova's stock [SHE:002528] opened up 9.6 percent but had simmered to CNY5.43 (87 US cents), a 5.9 percent gain, by the end of morning trade.

The pair penned an agreement on Dec. 26 to build a laboratory focused on developing blockchain technology and exploring new applications for smart cities, smart industrial parks and digital marketing, Infinova said in a statement yesterday. It will also study policies, set industry standards, manage patents, train talent and participate in international exchanges.

Infinova's main line of business is in smart security technology for homes and businesses, while Bitmain boasts a 60 percent share of the market for rigs used to mine bitcoin, a blockchain based cryptocurrency.

Editor: James Boynton