Jingu Shares Cooperation With Canaan

Blockchain businesses are on fire! Many listed companies have begun to announce their association with blockchain technology, including Jingu, which has been mainly engaged in steel wheels for more than 20 years.

On October 28, a China-listed company Zhejiang Jingu Co. Ltd. disclosed that it has signed a contract with Hangzhou Canaan Information Technology Co. Ltd. for cooperation.

Stimulated by the news, Jingu shares opened on October 28 Increased by 10%. and then fell back, but remained at a high level. As of midday, Jingu shares rose 8.61% to 7.95 yuan per share, with a total market value of 8.040 billion yuan.

According to the data, Canaan is one of the world's three major mining machine manufacturers, with revenues of 47.69 million yuan, 316 million yuan and 1.308 billion yuan from 2015 to 2017.

According to the announcement of Jingu, Canaan is a global service provider for integrated circuit solutions and chip design independent research and development, and is a world leader in repetitive computing. Since the development of the blockchain supercomputing device in 2013, the Canaan R&D team has successfully developed and mass produced 28nm and 16nm blockchain supercomputing chips from 2015 to 2017. In 2018, Canaan developed and produced 7nm chips and RISC-V commercial edge computing chip K210, which is mainly used in intelligent terminals, mobile terminals, speech recognition, image processing and other fields.

In this cooperation, a subsidiary of Canaan intends to establish a joint venture with Jingu’s subsidiary, Tweed Network Technology (Hangzhou) Co. Ltd. to implement auto repair parts and maintenance using blockchain technology. Tracking of records. The joint venture plans to launch with a capital of 10 million yuan, with Tweed Network and Canaan holding 51% and 49%, respectively.

According to the data, the branch was established in 2016 by Canaan, which is mainly engaged in the exploration and practice of blockchain distributed computing, smart contracts, blockchain traceability and other services.

Jingu said that the strategic cooperation with Canaan will help the company to further develop the automotive aftermarket business, solve the problem of the traceability of the auto parts market maintenance and repair industry and the maintenance and repair records, as well as promote the industry standard.