China Zheshang Bank Issues Securities Worth $66 Million on Blockchain

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Zheshang Bank, one of the largest privately held commercial banks in China, has completed the issuance of $66 million securities to investors by using its proprietary blockchain platform. Based on public documents, the bank filed its prospectus to the Shanghai Clearing House on Aug. 13 with a plan to issue securities worth 400 million yuan, or $66 million, that are backed by a portfolio of account receivables from various corporations. According to a report from China Securities Journal on Monday, the bank subsequently completed the issuance on Aug. 17 and became one of the first institutions in the country to have facilitated transactions for securities backed by a group of assets via blockchain. The platform, called Lianrong, was designed in-house by the bank with the purpose of allowing registered companies to broadcast their account receivable assets to potential investors and to further let them settle transactions of these invoices as