The original P2P company announced the acquisition of a Canadian mining equipment retailer to expand its cryptocurrency ecosystem

This article is an original piece by Chain Catcher, authored by Hu Tao.

On January 19, SOS, a publicly listed company based in Qingdao, announced the acquisition of Canadian cryptocurrency technology provider and mining machine seller FXK to expand its ecosystem of cryptocurrency and digital assets. According to information on SOS's official website, the company primarily uses AI and cloud computing technology to provide various emergency rescue services and information security services.
So, why would a company focused on emergency rescue venture into the field of crypto assets? Chain Catcher found that there is more to this event than meets the eye.

In fact, SOS was formerly known as the well-known P2P company Xianerfu, which went public on the New York Stock Exchange in April 2017, becoming the second Chinese P2P company to successfully list in the United States, with a market value reaching as high as $810 million. However, following the subsequent outbreak of the online lending industry's storm and exposure during the "312 Evening" event, its stock price plummeted by as much as 98%.
In March 2020, Xianerfu announced that it had reached a letter of intent for investment and cooperation with SOS Health Rescue Services Ltd ("SOS"). According to this letter of intent, SOS Health would acquire Xianerfu. The company had been engaged in health-related emergency transportation and on-demand rescue services for many years, enhancing its efficiency through big data and cloud computing service platforms, aiming to establish a complete ecosystem of rescue, insurance, and safety testing services, and to enter markets such as the United States and India.
Following the successful completion of the acquisition, Xianerfu's founder and co-CEO Wang Zhengyu left the company, and SOS CEO Wang Yan took over as chairman and CEO of Xianerfu. According to a report submitted by Xianerfu to the SEC in July 2020, the company reached an acquisition deal with the buyer for a total of approximately $9.87 million, while changing its name from "Xianerfu Limited" to "SOS Limited," and its stock code from XRF to SOS.
In August last year, SOS sold Xianerfu's P2P business for $3.5 million to an institution named Hantu Assets. Thus, Xianerfu completed its transformation from a P2P company to a security service company, while SOS effectively completed a "backdoor listing."
After completely divesting its P2P business, SOS once again turned its attention to the blockchain field. The company's official website shows that the blockchain products and services it offers include decentralized cryptocurrency wallets and exchange technology, digital asset and cryptocurrency insurance technology, asset digitization and tokenization services, decentralized financial technology, and blockchain-based security technology.
On January 6 of this year, SOS announced the establishment of a wholly-owned subsidiary, SOS Digital Technology, which will apply blockchain-based security and insurance technology to the protection of cryptocurrencies and digital assets, utilizing its upgraded product and service portfolio, and hiring blockchain expert Dr. Yan Huazhong, a PhD from the University of California and a master's in philosophy from Fudan University, to lead the initiative.
Official information indicates that before joining SOS, Dr. Yan founded Shenzhen eSecureChain Technology Company, but there is very little information available online about him and the company.
SOS Chairman Wang Yan stated in a press release that any type of digital asset insurance and cryptocurrency banking service will carry risks, and Dr. Yan's technology fundamentally changes the way we protect our digital assets and cryptocurrencies from attacks and loss. SOS plans to launch the world's first digital asset insurance company and the first cryptocurrency bank with Dr. Yan's technological support.
The acquisition of Canadian cryptocurrency technology provider FXK is the company's latest move in the blockchain direction. According to FXK's official website, the company primarily engages in the sale, leasing, and custody services of mining machines for mainstream projects such as Bitcoin, while also providing exchange setup, blockchain development consulting, and other services.
More and more publicly listed companies are attempting to explore the blockchain direction, but most only scratch the surface or are merely for promotional purposes. Now, SOS is directly entering the Bitcoin mining machine field through acquisition, and its prospects remain to be further observed.