`Long Blockchain' Isn't the First Tea Company to Have This Idea
`Long Blockchain' Isn't the First Tea Company to Have This Idea
(Bloomberg) -- Was Blockchain Group Co. -- formerly known as Ping Shan Tea Group -- just too early?
The Hong Kong-listed maker of premium oolong tea first proposed changing its name a year ago, and made the switch in November. However, unlike Long Island Iced Tea Corp., whose rebrand to Long Blockchain Corp. drove shares of the unprofitable company up as much as 289 percent in New York trading on Thursday, the strategy doesn’t seem to have done much.
Blockchain Group is down more than 80 percent this year, has reported losses every year since 2011, and is due in court next month to face a petition to wind up the company.
To contact the reporter on this story: Sarah McDonald in Singapore at smcdonald23@bloomberg.net.
To contact the editor responsible for this story: Richard Frost at rfrost4@bloomberg.net.
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