ChinaNet is a NASDAQ-listed company. ChinaNet is a precision marketing, integrated online advertising and data analysis and management services platform that is concentrated on rendering comprehensive data analysis for its clients to help develop their business outcomes as well as build efficient enterprises. 

In the statement, the company stated that Yingguo would apply his leadership capabilities and expertise in technological innovation to support ChinaNet to increase its interest in the development of blockchain technology.

Discussing the latest development, Mr. Handong Cheng, Chairman, President, and CEO of the company, bestowed his gratitude for having excellent talent in his exec team. 

“We are excited about the addition of such high-caliber talent to ChinaNet,” he said, adding that “with over ten years of experience in the technology industry, Yingguo’s proven track record in developing strategies and optimizing systems for internet platforms will help drive our growth and streamline our expansion efforts going forward.”

Yingguo has established two technology companies. He has served as an executive in several technology companies in various countries, including the famous Chinese multinational conglomerate, Tencent. 

The Rise of Blockchain in China

China may soon emerge as a global blockchain island as the country continually feeds its concern in blockchain technology. In October, President Xi Jinping announced his support for the technology, promoting the nation to expand its funding in the blockchain sector.

According to President Xi, “Blockchain should be made an essential way and main direction to drive China-led technology innovation.” 

Following Xi’s official sanction of the blockchain, reports declared that the country is set to add $2 billion into the blockchain industry by 2023. Distinctly, another report surfaced that South China’s Province, Hainan apportioned 1 billion yuan ($143M) to startups to support the expansion of the blockchain sector in the region. 

Apart from its plans to develop the country’s investment in blockchain, China is on the edge of issuing a central bank digital currency. 

Notwithstanding China’s growing interest in blockchain, the country remains concerned about its clampdown on cryptocurrency trading. The Central Bank of China issued an updated version of its regulatory framework, explaining that China’s support for blockchain is not an endorsement for cryptocurrencies. 

According to the update, cryptocurrencies are still prohibited in the country due to their insecure nature and other risks attached to crypto issuance and trading.