Dunxin Financial Holdings Ltd (NYSEAMERICAN: DXF) stock price surged 54.8% after unveiling plans to transition its business into the blockchain industry and the metaverse.
The company said that this comes after two years of research and development work. Dunxin is planning to hire skilled professionals to help it transform its business.
The fintech company headquartered in Wuhan, China, is devoted to becoming a digital culture and entertainment technology platform that builds innovative intellectual property and crucial technologies for the metaverse.
Dunxin intends to become a dominant player in the Metaverse and other related industries, including blockchain, NFTs, AI, AR & VR software and games.
The fintech company noted that the next 3-5 years would mark the early stages of the Metaverse markets by intense exploration. The period is likely to witness massive technology breakthroughs and the launch of innovative business models in the VR/AR, NFT, AI, Cloud computing and PUGC gaming industries.
Mr Ricky Wei, Dunxin Financial’s CEO, commented: “We conducted intensive researching and studying of massive practitioners in blockchain, coin and mining industry and communicated with international and domestic institute experts and professionals in last two years. Benefiting from Blockchain technology, 5G & 6G technologies and the upgrade of internet technology, Metaverse is believed to be the largest technology revolution after the waves of the internet technology, whose aim is to break the physical limitation and realization of virtual space-sharing.”
Dunxin said that it had identified numerous investment opportunities, including GPU, 3D Graphic Engines, Cloud computing, IDC and high-speed wireless communications. However, it is betting on the Metaverse, creating even more excellent opportunities over the next ten years.
Retail investors on social media platforms such as Reddit jumped on Dunxin stock because it is a low float stock susceptible to a short squeeze, evidenced by today’s premarket rally. However, it is never a good idea to chase hot stocks higher as they always come back to earth, leaving those who bought at or near the tops with significant losses.
*This is not investment advice.
Dunxin Financial stock price.
Dunxin Financial stock price surged 54.78% to trade at $2.43, rising from Tuesday’s closing price of $1.57.
Should you invest in Dunxin Financial stock?
Tech stocks offer some of the best growth potential, but time and time again, traders and investors ask us “what are the best tech stocks to buy?” You've probably seen shares of companies such as Amazon and Netflix achieve monumental rises in the past few years, but there are still several tech stocks with room for significant gains. Here is our analysts view on the best tech stocks to buy right now.
