China’s Largest Private Conglomerate Makes Major Investment in Blockchain Startup

Fosun Group, China’s largest private conglomerate, has made a large investment in Shanghai Distributed Technologies Co. Ltd., the parent company of the blockchain startup Onchain. Onchain is developing systems to provide distributed ledger technology to a broad spectrum of entities. Interest in blockchain applications is growing rapidly in China, and this move is a signal that institutional investors are taking greater notice of the sector.
Da Hongfei, Onchain’s founder and CEO, has