Dunxin Financial Holdings Limited (NYSEAMERICAN:DXF) Stock Corrects From The Recent Peak
In the past week, the Dunxin Financial Holdings Limited (NYSEAMERICAN:DXF) stock has emerged as one of the major gainers in the market but on Thursday it had a sharp correction.
Market Stats
On Thursday, DXF stock slumped 10% at $1.53 with more than 1.74 million shares, compared to its average volume of 900k shares. The stock has moved within a range of $1.4200 – 1.5800 after opening the trade at $1.49.
Transformation of Business into Metaverse and Block Chain Industry
There was no fresh news about the Chinese firm yesterday but the stock went down by as much as 10% amidst a selloff. However, at the same time, it is necessary to note that over the past week, the Dunxin stock is still up by as much as 11%. However, in this context, it might be a good move for investors to take a look at an announcement from the company on Wednesday.
At the time the company announced that it was in the process of officially transitioning its business operations into the Metaverse Industry. Considering the fact that the metaverse has emerged as the latest trend in the world of tech, the announcement from Dunxin came as a source of optimism for many investors.
In this context, it must also be kept in mind that the move from the company is not a sudden one. On Wednesday, Dunxin did note that it had been working on the research and development of this transition for more than two years.
Key Quote
CEO of Dunxin Financial, Mr. Ricky Wei commented, “we conducted intensive researching and studying of massive practitioners in block chain, coin and mining industry and communicated with international and domestic institute experts and professionals in last two years. Benefiting from Block Chain technology, 5G6G technologies and 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. I believe that the ultimate Metaverse is in connection with both physical world and mathematics world. It will become a part of people’s lifestyle and will rebuild the digital economy system. Metaverse innovatively creates new species by integration of discrete single point and brings potentials and opportunities in long term.
