December 3, 2021

The creator of the Hyperchain blockchain received an investment of …

The creator of the Hyperchain blockchain received an investment of $ 234 million

Chinese company Qulian Technology, which created blockchain platform Hyperchain, announced the completion of a series B funding round, in which the firm managed to raise 1.5 billion yen ($ 234 million), writes CoinDesk.

The creator of the Hyperchain blockchain received an investment of $ 234 millionChinese company Qulian ...

Real estate and finance firm Xinhu Zhongbao was the lead investor in the round, according to a statement released by Qulian on Sunday. She made her plans known a week ago, on May 27, when she applied to the Shanghai Stock Exchange..

The document says that Xinhu Zhongbao intends to invest 1.23 billion yen ($ 192 million) in Qulian, which will be split into two parts: $ 17 million will be directed to the company’s authorized capital, and $ 175 million – in the issue of new shares. Thus, as a result of the transaction, the investor should receive 49% of Qulian shares..

The creator of the Hyperchain blockchain received an investment of $ 234 millionChinese company Qulian ...

Qulian was founded in 2016 and has been developing enterprise solutions based on its Hyperchain blockchain platform. According to Xinhu Zhongbao’s filing, Qulian had revenue of $ 281,000 in 2017 and a net loss of $ 2.34 million. The firm itself is estimated at $ 234 million.

This is the second time Xinhu Zhongbao has provided financial support to Qulian – in April 2018, it bought a small amount of the company’s shares. At that time, the investor valued the company at $ 78 million.

The creator of the Hyperchain blockchain received an investment of $ 234 millionChinese company Qulian ...

The threefold growth in the company’s value, as expected, attracted the attention of Chinese financial regulators. In a written request released on May 27, the Shanghai Stock Exchange demanded a leading investor to explain the unexpected change in Qulian’s value..

The creator of the blockchain Hyperchain received an investment of $ 234 millionChinese company Qulian ...

“This assessment, made by the company and other co-investors, is based on Qulian’s comprehensive analysis. There is a risk of mismatch between income and value of Qulian, ”Xinhu Zhongbao replied.

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