The NYSE share price of a Chinese company almost doubled in value after the firm announced an Initial Coin Offering, CNBC reported on January 4th. China\'s social network, Renren, is hoping to raise money with an ICO, which it outlined in a white paperreleased on January 2nd. The company said it was planning a new project based on the Blockchain principle, as an \"open social network platform\" which it would name RRCoin.

This is one of many companies who have recently incorporated the Blockchain name or structure into their existing activities, and have seen a consequent rise in value of their stocks. The Long Island Iced Tea Corp is a prime example, when it changed its name in December to Long Blockchain Corp, and saw stock prices triple almost immediately. Renren\'s stock value rose by 47.39% on the New York Stock Exchange by the time the trading session closed on January 3rd, to reach $18.32 per share.

In 2017, China took steps towards banning ICOs, on the grounds that they were open to financial scams, fraudulent practices and other illegal activities. No regulatory legislation has so far been enacted, and many Chinese crypto companies are carrying on business as usual, while regulators look into the issue.