Shares of hon Kong company UBI Blockchain Internet for 2017 went up by almost 10 times – the company estimated at $1.2 billion despite the fact that, according to Yahoo Finance it does not have any significant operations and has only 18 employees, and mandatory reporting the number of disabled phone.
Earlier the company was called Energy and JA has been developing a set of modular, self-contained, automated and climate units for distributed energy production. In November 2016, she changed her name and became Blockchain Internet Ltd. Now, after the rise of its stock-market value, the company decided to sell 72.3 million shares.
Such a company cannot be assessed at $ 1.2 billion, says the Commission on securities and exchange Commission (SEC), although UBI Blockchain Internet reports that he wants to use the technology of the blockchain to track the delivery of food or medicines to the final consumer and to do so in the framework of the Internet of things.
According to Charles Lee, Professor of the faculty of management and accounting at Stanford University, UBI Blockchain Internet is an example of how the company inflated its value only due to the mention of the blockchain.