Solana team members made a splash on social media this week by announcing an office in Shanghai. But a quick look at the company’s Chinese business records tells a very different story. Data from Tianyancha shows that the so-called Shanghai Solana Enterprise Management Company was actually established back in June this year, with registered capital of 5 million yuan and a legal representative listed as Solana’s co-head for China. In August, the company put up a 45% stake to set up a joint-venture tech company with someone else, with registered capital of 10 million yuan and another co-head serving as chairman. Its business scope is limited to ordinary technology development and exhibition services. The biggest red flag is in the ownership structure. Look through the corporate layers, and every one of these entities is funded entirely by individuals. There is no evidence of any legal equity connection to the Solana blockchain, Solana Labs, or the SOL token. With China’s compliance red lines in place, a public-chain team looking to establish a presence can only put up a front using individuals’ names. It may look like an official expansion, but in essence, it’s still an outsourced shell company that can be disassociated from at any time. Treat it as something to watch, but don’t mistake it for major official good news.

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