Billionaire Crypto Investor To Lead Hong Kong Stock Exchange-Listed Grandshores Blockchain Company

2018-12-4 22:10

Chinese Crypto Billionaire Will Lead Blockchain Company Listed At The Hong Kong Stock Exchange

Li Xiaolai, a veteran Chinese crypto investor who managed to become a billionaire, has recently joined the Grandshores Technology Group, a company that is listed at the Hong Kong Stock Exchange. He will act as a co-CEO and executive director in the company.

His function at the new company will be to oversee many different blockchain-related projects and to oversee the creation of a stablecoin that will be a linked to fiat currency, as well as the general operations of the company.

Li Xiolai has around $1 billion USD now, according to estimates made by Hurun, a firm that tracks high net-worth individuals in China. Among his achievements is the creation of several blockchain companies over the years and Grand Shores Global Blockchain, an innovation fund that was launched back in April.

There is no additional information at the time about how much money Li Xiolai will make (which does not necessarily is very important as he is very, very rich) and about how much time he will oversee the company together with the other CEO. He will hold his position for about a year and then there will be another meeting of the board, which will decide if he will be re-elected or not but it is too soon to speculate.

Initially, the company was supposed to be called SHIS Limited, but it was rebranded during August as the Hong Kong Stock Exchange allowed it because there was a company with the same name in Singapore.

At the moment, one of the biggest plans made by Grandshores is to launch a stablecoin that, unlike most of the other ones in the market, will be pegged to the Japanese yen.

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