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Zhongqingbao

pown.cn

Stage

IPO | IPO

Total Raised

$160K

Date of IPO

2/11/2010

About Zhongqingbao

Provider of game development technology platform.

Headquarters Location

Room B, 5th Floor, Block B, Building W1 South Part, Nanshan Gaoxin District

Shenzhen, Guangdong, 518057,

China

86 755 86168110

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Latest Zhongqingbao News

Metaverse hype renews suspicion of market manipulation in China

Nov 12, 2021

This is the second letter that Zhongqingbao has received from market regulators. In late October, the company was questioned by the Shenzhen Stock Exchange about its ventures related to the metaverse. So far, the stock prices of eight companies listed in Shenzhen and Shanghai have climbed immensely. All of them have been questioned by authorities about their intentions to develop new business directions related to metaverses. Regulators are particularly concerned about the possibility of manipulative behavior or securities fraud. One company, Jiachuang Shixun Technology, is a digital television software developer in Shenzhen. Around 5% of its revenues are drawn from VR products, but its stock price has doubled since November 1. Experts have expressed concern about the metaverse concept being mischaracterized to public investors. Xu Yingbo, chief technology industry analyst of CITIC Securities, said that the development of metaverses depends on the advancement of AI, graphics engines, high-speed wireless communication, and many other technologies. Besides those developments, there are fundamental aspects that need to be addressed before a full-fledged metaverse can be maintained. These include fast and stable internet infrastructure that can support heavier internet traffic. Perhaps among the greatest concerns for Chinese regulators is that rules for data protection and privacy are yet to be established for these immersive, virtual worlds. Furthermore, the intense demand for energy may represent a significant challenge in the quest to build a working metaverse, Xu said in a research note. Yuefeng Wu, a senior media analyst and fund manager for Fengjing Capital, said on Weibo that the metaverse will not be ready for general consumers until 2025 at the earliest. One regulatory concern is that it is unclear how the government will classify metaverses. If they are deemed to be sufficiently similar to video games, then they may be governed by strict rules that were enacted this year, including a three-hour weekly cap for minors. That has not discouraged major tech firms from exploring this line of development. Tencent, Baidu, and ByteDance have all invested more in their R&D for virtual reality and augmented reality hardware. Some companies let consumers mint NFTs. Baidu’s new metaverse environment , Xirang, or the “Land of Hope,” is now online. While few features have been built for Xirang, visitors are already exploring three scenarios where art and the company’s products are showcased. Last month, a state-backed research institute affiliated with the Ministry of State Security published a note to warn that the metaverse could pose political and social threats to national security. The note’s authors called for tighter regulations and guidance from the government. This did not dent the rising stock prices of listed companies with stated metaverse ambitions. Metaverses will reshape how we experience video games, interpersonal communication, entertainment, and even professional interactions. But even the most advanced metaverses are in their nascent stages. “It is too early to give advice on metaverse investment at this point,” Xu wrote. “But we are optimistic about the opportunities in the metaverse in the long term.” Share

Zhongqingbao Frequently Asked Questions (FAQ)

  • Where is Zhongqingbao's headquarters?

    Zhongqingbao's headquarters is located at Room B, 5th Floor, Block B, Building W1, Shenzhen.

  • What is Zhongqingbao's latest funding round?

    Zhongqingbao's latest funding round is IPO.

  • How much did Zhongqingbao raise?

    Zhongqingbao raised a total of $160K.

  • Who are the investors of Zhongqingbao?

    Investors of Zhongqingbao include Shenzhen Capital Group.

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