Stocks of Chinese publicly listed companies fell sharply after cryptocurrencies like Bitcoin, Etherum and other altcoins plunged massively on Wednesday.

Detail: Huobi Tech, a Hong-Kong listed centralized crypto exchange, plunged 8% to HKD18.78 in Hong Kong on Thursday morning.

Meitu, a Xiamen-based photo editing company, tanked as much as 8.5percent to HKD1.83 in Hong Kong on Thursday. The photo-editing app holds couple millions of dollars worth of Bitcoin and Ethereum as part of its treasury funds.

In a filing document to Hong Kong Stock Exchange in March, Meitu said it had bought USD22.1 million worth of Ether and USD17.9 million worth of Bitcoin.

Explaining the decision making, Meitu said the investment can help it to enter into the blockchain industry and purchase were part of a USD100 million cryptocurrency investment plan which has already approved by the company’s board of directors.

Other Chinese crypto-linked stock like OKG Technology and Grandshores Technology also fell sharply after cryptocurrencies flash crash on Wednesday.

The cryptocurrency index, which track 50 stocks linked to cryptocurrencies, also fell 1.6% on the Shanghai and Shenzhen exchanges.

Context: The flash crash came a day after a fud with regard to usage of concurrencies banned by China, and the rumour were quashed later with the report being a reiteration of a previous statement.

However, rumour did not come out of nowhere. National Internet Finance Association, China Banking Association, Payment and Clearing Association of China jointly issued an announcement on Tuesday (May 18) , prohibiting financial institutions from providing services related to cryptocurrency transactions.

Bitcoin breached its 200-day moving average and its price down significantly over the past two weeks from USD56,000 price level.

Apart from China’s warning against cryptocurrencies, Elon Musk’s tweets are also a big driver. Bitcoin fell below 50,000 and broke its supporting level of 48,000 after Musk twitted that Tesla stop accepting bitcoin as payment for its electric vehicles due to environmental concerns that bitcoin consume too much energy to be mined.