TechFinancials, a trading software company, announced this Tuesday that one of its major shareholders has exited the company. According to documents released on the London Stock Exchange, Shen Chaohuli has sold all of his shares in the company to Ou Qiao.
Those documents indicate that Chaohuli controlled 18.27 percent of the company – equivalent to 15,528,225. Though the document was released today, it appears that Qiao came into possession of those shares on Monday, the eighth of October.
The same document indicates that the Chaohuli sold his stake at $0.0005 per share. That means he’ll be making a grand total of $7764 from the sale of his stake in the company. Given that about a third of those shares were valued at close to $3 million just last year, the acquisition is likely part of some prior agreement.
TechFinancials – a New Largest Shareholder
Having made his acquisition, Qiao is now the largest shareholder in the company in some way. Eyal Alon, one of the co-founders of TechFinancials, is the next largest shareholder with an 11.35 percent stake in the firm.
Meet BeSquare: the new tech training program for Malaysian graduatesGo to article >>
CEO Asaf Lahav, who also co-founded the firm, is another major shareholder. Information on TechFinancials’ investor relations page indicates that he has a 10.77 percent stake in the firm he founded.
It is unclear exactly who Chaohuli and Qiao are, though they appear to be based in China. Chaohuli made his initial investment in TechFinancials back in July of 2017. That came just a month after TechFinancials began a restructuring effort, with a shift in focus to blockchain technology, in the wake of a ban on binary options in Israel.
TechFinancials does have a connection to China. In 2016, the company started a joint venture (JV) – DragonFinancials – with Chinese businessmen, to sell binary options to clients in East Asia.
It seems probable the exchange in shares is connected to this JV. What happened between the two firms, that has led to the sale in shares, however, is unclear.