8 Blockchain Chinese Stocks: Mining, Exchanges, and the Rise of Crypto-Centric Business Models

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The world of blockchain technology is evolving rapidly, and Chinese companies listed overseas—commonly known as "Chinese概念股" or Chinese概念股—are taking a distinctive path compared to their domestic A-share counterparts. While A-share firms focus on enterprise blockchain solutions, these U.S.-listed Chinese stocks are diving headfirst into the cryptocurrency ecosystem, building businesses around bitcoin mining, mining hardware sales, and crypto exchanges.

This divergence isn’t accidental—it reflects regulatory differences, market opportunities, and strategic pivots by companies seeking growth in a volatile but high-potential sector. In this deep dive, we explore the core business models of eight major blockchain-focused Chinese stocks and uncover how they’re reshaping their futures in the digital asset economy.

The Two Pure-Play Mining Hardware Giants

Canaan Creative: Powering the Bitcoin Network

Canaan Inc., best known for its Avalon series of ASIC miners, made history in November 2019 as the first blockchain mining hardware company to go public on Nasdaq. As a designer and manufacturer of high-performance mining rigs, Canaan’s primary revenue driver remains mining machine sales—a business that gives it a strong moat in the competitive crypto infrastructure space.

In the second quarter of 2021 alone, Canaan sold mining equipment with a total hashrate of 594 million terahashes (TH), setting a new quarterly record. Major clients include institutional mining giants like Mawson Infrastructure Group and Genesis Digital Assets, underscoring its credibility in the global market.

During its earnings call, Canaan’s chairman, Nangeng Zhang, revealed that pre-orders for mining machines were already booked through mid-2022—a sign of sustained demand despite market volatility.

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Beyond hardware, Canaan has expanded into self-operated mining operations, launching its own mining facility in Kazakhstan in June 2021. Starting in the second half of the year, the company committed to allocating at least 10% of its monthly production capacity to internal mining, signaling a shift toward vertical integration.

Ebang International: From Miner Maker to Full-Stack Crypto Player

Ebang International, another key player in the mining hardware space, launched its Nasdaq IPO in June 2020 under the ticker “EBON.” Its flagship product line, the Ebit series of ASIC miners, competes directly with Canaan’s Avalon units.

But Ebang didn’t stop at hardware. Just two months after going public, it announced plans to establish a subsidiary in Singapore to launch a cryptocurrency exchange. Within four months, it had registered entities in Canada, Australia, and New Zealand—laying the groundwork for international expansion.

In April 2021, its exchange platform EBONEX officially went live, offering trading pairs for major cryptocurrencies including Bitcoin and Ethereum. This move transformed Ebang from a pure hardware vendor into a diversified crypto services provider involved in mining, exchange operations, and even altcoin mining (such as Litecoin and Dogecoin).

Traditional Companies Going All-In on Crypto

Not all blockchain-driven Chinese stocks started in tech or finance. Some are traditional businesses making bold bets on digital assets to revitalize their operations.

NetEase (NCTY): Gaming Giant Turns Crypto Miner

Once a niche online gaming company, NetEase (NCTY)—not to be confused with NetEase Inc.—has rebranded itself as a serious player in the crypto space. Since early 2021, it has shifted focus entirely toward blockchain and digital currency ventures.

Key moves include:

One pivotal moment came in January 2021 when NCTY signed a strategic cooperation agreement with former Canaan co-chairman Jianping Kong and three other blockchain experts. This partnership accelerated its entry into mining and decentralized technologies.

The speed and scale of NetEase’s transformation reflect a broader trend: legacy companies leveraging blockchain not just for innovation, but for survival.

Sino-Global Shipping (SINO): Shipping Meets Blockchain

Even maritime logistics isn’t immune to the crypto wave. Sino-Global Shipping America Ltd. (SINO), a shipping services provider, began integrating blockchain into its operations in 2021.

Its strategy includes:

By embracing cryptocurrency both operationally and strategically, SINO aims to position itself at the intersection of physical trade and digital finance.

Internet Finance Firms Reinventing Themselves

Perhaps the most striking trend among blockchain Chinese stocks is the number of former P2P lenders and online finance platforms transitioning into crypto.

Bitcoin Mining Council Member: Bitdeer Technologies (formerly BTC.com)

Originally known as 500.com, this company was once China’s largest online lottery platform. After regulatory crackdowns shut down internet gambling in 2015, its core business collapsed.

In December 2020, it pivoted hard into blockchain:

This rebranding wasn’t symbolic—it marked a complete overhaul of its business model toward institutional-grade crypto mining.

From Car Loans to Cryptocurrency: Bit Digital (BTBT)

Bit Digital began life as Dian Niu Financial, dubbed the “first car loan stock” listed in the U.S. After exiting the P2P auto lending business, it fully transitioned to Bitcoin mining in February 2020—and renamed itself accordingly.

By September 2020, it had officially become Bit Digital, focusing exclusively on acquiring and operating Bitcoin mining assets across North America.

SOS Limited: From Consumer Lending to Blockchain Security

Formerly known as CreditEase subsidiary XinwaiFu, SOS was a consumer lending platform hit hard by China’s P2P crackdown. In early 2021, it launched SOS Digital Technology, a wholly owned subsidiary dedicated to blockchain-based security and insurance for digital assets.

Its offerings now include:

SOS also plans to build its own crypto exchange and invest heavily in mining infrastructure.

9F Inc. (JFU): P2P Lender Becomes Digital Brokerage

Another former P2P giant, 9F Inc., has announced plans to transform into a digital securities brokerage built on blockchain. Its new focus includes:

This pivot aligns with a growing recognition: blockchain is more than just currency—it's the foundation for next-generation financial systems.

Why the Divergence? Policy Shapes Strategy

According to Xiangli Peng, head of the blockchain team at the Ministry of Industry and Information Technology’s Electronic Fifth Research Institute, the difference between A-share and overseas-listed Chinese firms boils down to regulation.

“Domestic policy clearly prohibits cryptocurrency mining and trading. As a result, mainland-listed companies focus on practical blockchain applications—supply chain management, data traceability, financial settlement—while overseas-listed firms operate under looser regulatory environments where crypto activities are permitted.”

Foreign markets often don’t distinguish sharply between enterprise blockchain and virtual asset speculation, allowing greater flexibility for innovation—or risk-taking.

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Frequently Asked Questions (FAQ)

Q: What are blockchain Chinese stocks?
A: These are Chinese companies listed on foreign exchanges (like Nasdaq or NYSE) that have adopted blockchain or cryptocurrency-related business models—from mining to exchanges and digital wallets.

Q: How do they differ from A-share blockchain stocks?
A: A-share firms focus on enterprise blockchain solutions (e.g., supply chain tracking), while overseas-listed Chinese stocks are more involved in crypto trading, mining, and hardware—activities banned domestically.

Q: Are these companies profitable?
A: Many are still unprofitable or operate at thin margins due to high energy costs and crypto price volatility. However, stock prices often surge during bull markets due to speculative interest.

Q: Is bitcoin mining legal for these companies?
A: Yes—because they operate outside mainland China (e.g., Kazakhstan, North America), where mining regulations vary but are generally more permissive than China’s outright ban.

Q: Can investors buy these stocks easily?
A: Yes—through international brokers that support U.S.-listed equities. However, investors should be aware of higher volatility and regulatory risks tied to crypto markets.

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Final Thoughts: Innovation or Speculation?

As noted by Chen Xiaohua, Director of the Blockchain Committee at China Mobile Communications Association:

“Blockchain’s decentralization, immutability, and autonomy will reshape finance and commerce. But not every company jumping into crypto truly understands the technology.”

While some firms like Canaan and Ebang have deep technical roots, others—like struggling P2P lenders—are using blockchain as a lifeline to avoid delisting. Their long-term success depends not just on riding crypto booms but on delivering real value through innovation.

For investors and observers alike, these eight companies offer a fascinating window into how legacy businesses adapt—or fail to adapt—in the face of technological disruption.

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