Chinese publicly listed construction company turned to cryptocurrency mining firm

Chinese publicly listed construction company turned to cryptocurrency mining firm, Huatie HengAn, has reportedly been sold after its value decreased by over 90%. The development was reported by English-language local crypto-focused media 8btc on April 19.

The firm has been reportedly sold for around 12 million yuan ($1.8 million), after its value decreased from 170 million Chinese yuan ($25.3 million) in under a year. Per the report, Huatie HengAn started as a subsidiary of the publicly listed parent company Huatie and claims to be mainly engaged in providing cloud computing services.

Still, 8btc notes that its financial filings reveal that the company’s main business appears to be cryptocurrency mining, since in 2018, it purchased 36,500 machines from Avalon and Ebang. While the report allegedly calls the machines servers, the producers are actually known for the production of cryptocurrency mining Application Specific Integrated Circuits and reportedly don’t produce servers in the traditional sense.

Reference: https://cointelegraph.com/news/report-chinese-publicly-listed-construction-company-turned-mining-firm-lost-over-23-million

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Author: Neo Anderson

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