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.
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..
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 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..
“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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