Chinese company Qulian Technology, which created the blockchain platform Hyperchain, announced the completion of the series B financing round, in which the company managed to attract 1.5 billion yen (234 million dollars). This is reported by Coindesk.
According to a statement that Qulian published on Sunday, Xinhu Zhongbao, a real estate and finance company, became the lead investor of the round. It announced it plans a week ago, on May 27, when it 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 divided into 2 parts: $ 17 million will be directed to the authorized capital of the company, and $ 175 million to new shares. Thus, as a result of the transaction, the investor must receive a 49% stake in Qulian.
This is a business judgement made by the company and other co-investors based on a comprehensive evaluation of Qulian. There is a risk of a mismatch in (Qulian's) income and valuation.
Xinhu Zhongbao Team
Qulian was founded in 2016 and is developing corporate solutions based on its Hyperchain blockchain platform. According to the application of Xinhu Zhongbao, in 2017 Qulian's income was 281 thousand dollars, and net losses - 2.34 million dollars. The company itself is estimated at 234 million dollars.