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An energy company listed in Hong Kong and chaired by a Chinese billionaire is planning to renew itself as a blockchain company despite losing millions investing in cryptocurrencies.
Called Global Energy Resources International Group, the company presented a Monday Hong Kong Stock Exchange proposal indicates that it wants to change the Chinese name to "Global Token Limited", given its recent move in cryptographic space.
Based on the deposit, the company has launched cryptocurrency trading platforms based in Hong Kong in the last few months, as well as investments in cryptographic resources and blockchain technology solutions.
"As announced by the Company on January 18, 2018, the Board had decided to reallocate about HK $ 50.0 million ($ 6.3 million)) of unused net income … to make investments, among others, in cryptocurrency, "wrote the company.
According to the interim financial report released by the company on August 10, at the end of June, the company invested a total of $ 2.4 million in cryptocurrency activities, which in the bear market of this year they led to almost 50% loss of $ 1.02 million.
Global energy resources currently hold 2,135 ethers and over 20 million XPA tokens, which together account for around $ 1.2 million at the time of printing, based on CoinMarketCap and CoinDesk price index data.
As stated in the Hong Kong filing, in the last few months, the energy company has also launched a fiat-to-crypto exchange called TideBit and a crypto-cryptographic platform called TiDeal, which has brought some revenues.
However, partly due to losses from cryptocurrency and related technology investments, the company recorded a total net loss of $ 6.3 million in the first half of the year, compared to $ 573.277 in the same period of last year.
Although global energy resources are known as a publicly traded company, it is in particular chaired by Chen Ping, a Chinese billionaire publisher who also owns Sun TV, a satellite network based in Hong Kong.
According to the interim report, Chen owns 85 percent of the TideBit Trading Platform. TiDeal was also launched by Chen, according to the exchange website.
Obviously a technology fan, Chen said in an interview in May:
"Blockchain can solve any future societal problem involving interpersonal communication."
Image of power cables through Shutterstock
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