After a sustained downturn over the last two years, Xunlei Ltd., a 14-year-old Chinese online service provider, is surprising the market as it has become the best performing stock in the NASDAQ Composite Index since October 12, according to Bloomberg’s data.

The Shenzhen-headquartered company is best known—and once notorious—for its file sharing and downloading services. Back in 2011, Xunlei held up to 78.7% of China’s software download market  (in Chinese), data from iResearch shows. When it realized a business relying on downloads wasn’t sustainable, Xunlei started to pivot in late 2014, repositioning itself as a cloud-based speed acceleration service provider. Its cloud computing business has yet to reach profitability.

And the company is in for another shift. The kicker driving Xunlei’s current stock price, analysts suggest, is its goal to transform itself from a traditional internet service provider into one “exploring emerging blockchain technology,” the company says in its Q3 2017 financial report.

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Rita Liao

Telling the uncommon China stories through tech. I can be reached at ritacyliao [at] gmail [dot] com.