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Chinese blockchain firm Easily Visible reveals US$1.7B loss

Finance

forkast.news 07 July 2021 14:18, UTC
  
Reading time: ~2 m

Chinese blockchain company Easy Visible has disclosed a loss of more than 11.52 billion yuan (US$1.78 billion) for 2020 in an annual report filed two months late. The loss equates to 1.74 times the company’s July 5 market value of 6.66 billion yuan.

Fast facts

  • On May 6 the company was suspended from trading on the Shanghai Stock Exchange’s A-share market for failing to file its 2020 annual report and 2021 first-quarter report on time. The China Securities Regulatory Commission has announced an investigation of the company.
  • According to a report by Tencent News, in the three days before the suspension, the company’s stock price dropped by the daily limit of 5.93 yuan on three consecutive days, leaving it 70% down from a November 2019 high. It shed nearly 2.5 billion yuan in market value.
  • The company’s auditor said in the annual report that it could not ensure its authenticity because complete audit data was unobtainable, and that the company’s ability to continue operating was in grave doubt.
  • Easy Visible resumed trading today under a warning that it risked being delisted. Its stock closed down 5.63 yuan, at the bottom of its daily limit.
  • According to Easily Visible’s website, it cooperated with the IBM China Research Institute in September 2016 to develop supply chain fintech services based on blockchain technology. Its website also shows that the blockchain released by its company has so far recorded more than 740,000 transaction settlements and a transaction volume of more than 14 million yuan.

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