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Chinese blockchain firm Easy Visible has revealed a loss of about 11.52 billion yuan, equivalent to $1.78 billion. The company noted this in its recently published annual report, which came two months late. The loss is 1.74 times the blockchain firm’s market value as of the 5th of July, which stands at 6.66 billion yuan.
On the 6th of May, Easy Visible was suspended from trading on the Shanghai Stock Exchange’s A-share market because it failed to file its 2020 annual report and its 2021 first-quarter report when due. Thereafter, the China Securities Regulatory Commission said it had placed the blockchain firm under investigation.
Three days before the trading suspension, Easy Visible’s stock price declined by the daily limit of 5.93 yuan. As a result, the firm suffered a 70% loss from its high recorded in November 2019. In addition, Easy Visible’s market capitalization has lost 2.5 billion yuan. Although the company has resumed trading, the company was warned that it may be delisted. Currently, Easy Visible’s shares are still down, with its previous close at a loss of 5.63 yuan.
Easy Visible’s blockchain boasts of over 740,000 transaction settlements and 14 million yuan in transaction volume.
Image Credits: Pixabay
