Xunlei Announces the Establishment of a Joint Lab with HKUST, Shares Jump 9%
Shares of Xunlei Ltd. (Nasdaq: XNET), a provider of cloud computing and blockchain services in China, traded 7 percent higher on Wall Street Monday at $2.45 per American depositary share, after the company announced a partnership with the Hong Kong University of Science and Technology (HKUST).
Xunlei's share price was also boosted by bitcoin jumping above the $9,000 mark for the first time in over a year.
The two parties will establish a HKUST-Xunlei Joint Laboratory on Blockchain Technology. The "Joint Lab" aims to develop cutting-edge and influential blockchain technologies across a variety of industries. The Joint Lab will also establish a high-performance blockchain ecosystem in the Guangdong-Hong Kong-Macao Greater Bay Area.
HKUST is a world-class research university that focuses on science, technology, business and social science.
"HKUST strives to achieve pioneering research and promotes technological innovation. Through the establishment of this Joint Lab, not only will it facilitate academic exchange and industry collaboration, but it will also bring more learning opportunities for our students to equip with the advanced blockchain technologies and knowledge, contributing to the development of future technology talents." HKUST Professor Tim Cheng said.
Combining Xunlei's solid industry experience and strong research capabilities from HKUST, Xunlei believes a series of blockchain technology initiatives and development will be carried out under the joint lab.
The two parties said they will work to improve existing consensus algorithms and explore new models, enabling individual users to share idle computing resources with small-sized hardware while establishing an overall blockchain system with higher level of security.
"We are very excited to partner with world-leading institutions like HKUST to explore use cases of blockchain and translate these insights into impactful applications, together contributing to technological and economic development." said Lei Chen, chief executive officer of Xunlei.
"We also hope young generation will join us in this endeavor to make blockchain technology widely used and working for a better future."
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