Riding the cryptocurrency hype, the unprofitable peer-to-peer download manager Xunlei became the hottest stock on NASDAQ in the final quarter of 2017 as its shares increased six times in value. But as the company’s 2018 stock declines show, dabbling in the cryptocurrency business is risky – particularly in China. As Xunlei continues to transition its business focus to blockchain cloud services, TMTPost writer with the pen name Kooogle traces the rocky cryptocurrency landscape and explains the parts that government regulators, skeptical investors and the frenzied enthusiasts play. Xunlei’s venture into the trending cryptocurrency business offers a fascinating look into China’s response to the hype. Kooogle also explains how Xunlei fits into the larger picture of China’s tech world. The article will be a challenging read for people unfamiliar with the blockchain and initial coin offerings (ICOs). Thus, getAbstract recommends it to readers already versed in crypto jargon.
In this summary, you will learn
- Why Xunlei’s stocks are volatile;
- What advantages and disadvantages Xunlei has in blockchain services; and
- Why Xunlei’s future is closely tied to Xiaomi’s.
About the Author
Kooogle (pen name) is a writer at tech media site TMTPost.