China-based blockchain platform development company Qulian Technology has just recently revealed their completion of the 1.5 bln Chinese Yuan ($234 mln) goal for their Series B funding round.
In an announcement from Qulian just this Sunday, the news proceeds one week after the chief investor Xinhu Zhongbao, a real estate and finance firm hailing from Shanghai, revealed its intent to invest in the project through a filing on May 27 with the Shanghai Stock Exchange.
Xinhu Zhongbao planned to invest 1.23 bln Chinese Yuan ( $192 mln) on the project by adding $175 mln new equity issuance and $17 mln capital contribution transfer. With this, the said investor will be possessing a good 49 percent of Qulian’s shares.
Qulian Technology, founded in 2016, focuses to use its hyperchain blockchain platform to develop enterprise-grade solutions. Apparently, this is the second time that Xinhu Zhongbao expressed its support for the blockchain platform development company and its project, with the investor purchasing a small portion of the company’s shares two months ago, in which the investor valued Qulian at $78 mln. However, a recent disclosure made by Xinhu Zhongbao revealed that the firm now values at $234 mln.
This was quickly noticed by Chinese financial regulators. When asked to explain, Zhongbao Xinhu explained:
“This is a business judgment 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.”