Anyone who is currently looking into stocks which may have clocked considerable gains in recent days could do well to take a look at the China Food and Beverage Company (OTCMKTS:CHIF) stock.
Trading Data
On Monday, CHIF stock soared 25.62% to $0.38 with 31K shares, compared to its average Monday of 12K shares. The stock moved within a range of $0.2643 – 0.3800 after opening trade at $0.3029.
CHIF Announces Planned Rebranding and Name Change to Championship International Fintech Inc. as Part of Esports Business Direction
Yesterday, the stock continue to be in focus among investors and ended up with gains of 26% for the day. That took the gains made by the stock over the course of the past week to as much as 65%. In light of such considerable gains, it may be the right time for investors to take a look at the announcement from China Food and Beverage Company yesterday.
The company announced yesterday that it was looking to change its name to Championship International Fintech Inc. The decision to change the name is rooted to the fact that the company is looking for a complete rebrand as it tries to make an entry into the significantly large Esports space.
In addition to that, it ought to be noted that the name change is also reflection of the fact that the company is making a move into the blockchain and esports industries. It is going to be interesting to see if investors continue to pile on to the stock in the coming days.
Key Quote
Mr. Yuen Wong, Chairman of CHIF and Silverbear Capital partner stated, “This is a rebranding process of the Company, as part of our new corporate strategy and we are determined to take the Company to the next level. From our promising research, the industry has seen a huge uptick in investment from venture capitalists, and more recently from private equity firms. The number of investments in Esports doubled in 2018, going from 34 in 2017 to 68 in 2018, as per Deloitte. That is reflected in the total dollars invested also. Investments are up to $4.5 billion in 2018 from just $490 million the year before, a staggering YoY growth rate of 837%, as per Deloitte. These investments are distributed to players across the Ecosystem, from Esports organizations, to tournament operators, to digital broadcasters, allowing it to function and grow.”
Technical Data
CHIF stock is trading above the 20-Day and 50-Day Moving averages of $0.26 and $0.20 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.24.
