фото показано с : blokt.com

Falsifying production data for rabies vaccines recently landed drug producer Changchung Changsheng in hot waters as it has been charged by the State Drug Administration (SDA), which sparked a countrywide outcry. Now a company that claims to be developing a blockchain especially for vaccines is under the administrative radar. The company called YLZ Info announced its plan to develop a dedicated blockchain for vaccination in cooperation with Ant Financial, which helped its stock prices surge dramatically. Now authorities are investigating its claims.

The vaccination scandal in China is still fresh in the public’s memory. Now YLZ Info’s claim to be working with Ant Financial, an Alibaba payment affiliate, helped garner huge interest in the company’s stock. In March this year, the company announced that it is partnering with Ant Financial on a blockchain development project.

However, it’s the recent news related to vaccination blockchain that helped the company increase its market cap. In the past three days, the company’s stock prices have risen by 10 percent each day. The total spike from the initial price is over 50 percent, which is the upper limit set by Chinese market regulators.

Upon noticing the rapid growth in prices, the Shenzhen Stock Exchange demanded verification from the company. It asked YLZ to deliver substantial proof that it has the resources and capacity for the research and development of blockchain technology.

The exchange has also demanded that the company release details on its collaboration with Ant Financial. The exchange wants to know whether the company is partnering with the Alibaba affiliate for real or is merely using blockchain to cash in on a recent scandal and harness the distributed ledger technology hype to boost its stock prices.

The company whose rabies vaccines were recalled on account of falsification of data witnessed a drop in its share value by 10 percent. The company’s share price has witnessed a 47-percent slump since mid-July, when the scandal first came to light.

The company has since apologized for the incident, claiming that it is “guilty and embarrassed” and would cooperate with the authorities in the investigations.

If YLZ Info is also found guilty of falsifying information, its stock could also drop, causing major problems for its investors.

A Chinese Vaccination Blockchain Firm Faces Stiff Action From Authorities was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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