Energy Firm Discloses Major Crypto Losses Amid Blockchain Rebrand

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An energy firm that is publicly traded in Hong Kong and chaired by a Chinese billionaire is planning to rebrand itself as a blockchain company despite having lost millions investing in cryptocurrencies. Called Global Energy Resources International Group, the firm filed a proposal with the Hong Kong Stock Exchange on Monday indicating it seeks to change its Chinese name to “Global Token Limited,” given its recent move into the crypto space. Based on the filing, the firm has over the past several months launched cryptocurrency trading platforms based in Hong Kong, as well as making investments in crypto assets and blockchain technology solutions. “As announced by the Company on 18 January 2018, the Board had resolved to re-allocate approximately HK$50.0 million ($6.3 million) of the unutilized net proceeds … to make investment in, among others, cryptocurrency,” the company wrote. According to the interim financial report disclosed by the firm