The stock prices of Powerbridge Technologies Co., Ltd. (PBTS) rose 100% at market close on June 29.e, 2021, bringing the price per share to $ 2.86 at the end of the trading day. After hours of trading, the stock jumped a further 30.42%, taking it to $ 3.73.
Partnership with Huawei
April 14e, 2021 saw the company announce its strategic cooperation agreement with Huawei Technologies to collaboratively promote and market their services to local Chinese ports and customs. The agreement will be the framework on which their vision uses innovative technologies such as blockchain, cloud computing, artificial intelligence and the Internet of Things in the application of the global commerce industry. The parties also plan to leverage their common advantage to collaboratively market their products and services to their target demographic groups.
The agreement will also seek to seek deeper collaboration in the interest of facilitating the delivery of better digital transformation solutions in the global commerce industry, as well as expanding the marketing influence of companies nationally and internationally. According to the agreement, the companies will promote the construction of smart ports while modernizing and accelerating its construction. In addition, the partnership will seek to create innovative solutions for Smart Bonded Zone.
Expanded scope of PBTS
With Huawei’s advantage in market resources and PBTS’s expertise in digital global commerce solutions, the two are committed to jointly building a new global commerce ecosystem in China by leveraging their pooled resources. . The partnership is expected to result in the promotion of more digital upgrades, as well as innovative solutions for Chinese customs, ports and the special bonded zone. Along with the announcement of the partnership, PBTS launched its innovative Smart Port and Smart Customs products.
Meme stock phenomenon
While having a huge impact, the collaboration does not deserve the doubling of PBTS equity value overnight. In the absence of recent media coverage or changes in fundamentals, it is likely that PBTS has turned out to be the latest target of the same stock market phenomenon that has reappeared in the stock markets. In the grip of volatility and inherent risk, memes stocks are pumped by retail investors who coordinate a short squeeze of underperforming stocks. These stocks have little or no reason to invest, resulting in massive volatility and uncertainty.
Future prospects for PBTS
With its fortuitous rise in stock prices, PBTS is about to capitalize on its partnership with Huawei. Current and potential investors hope that management will continue to leverage the resources at its disposal to facilitate significant and sustained increases in shareholder value.