Leading Chinese Bitcoin Miner Manufacturer Files for IPO in Hong Kong
June 25 2018 - 9:50AM
ADVFN Crypto NewsWire
Ebang Communication, one of the largest Bitcoin (BTC) mining hardware manufacturers in China, has
filed an application for an
initial public offering (IPO) with the Hong Kong Stock Exchange
(HKEX) today, June 25.
The application confirms a Reuters report in May that the
Zhejiang-based firm was working with advisers on a Hong Kong float,
potentially seeking to raise as much as a staggering $1 billion to
fund growth.
Today’s filing does not give details on how much Ebang is
seeking to raise for its IPO, nor does it give a precise valuation
for the firm.
However, the filing does include a financial statement which
states that Ebang earned 925 million yuan ($141 million) in revenue
in 2017 – an almost eighteen-fold increase from 2016.
The filing also suggested that the proportion of Ebang’s revenue
generated solely from the sale of Bitcoin miners has significantly
increased year-on-year, rising from 31 percent in 2015 to 42
percent in 2015, to 94.6 percent in 2017.
According to Ebang’s IPO application filing today, the firm is
now in the process of working to release Bitcoin miners equipped
with next generation 7nm semiconductor chips, which have already
been in development by Japanese tech
conglomerate GMO since 2017 and officially launched this spring.
Ebang competes alongside Bitmain and Canaan Creative for dominance in China’s
lucrative crypto mining
hardware manufacturing industry. The latter released its own unaudited
results this January that showed a 600-fold increase in its annual
net income of 410 mln yuan ($62 mln) in 2017 – a figure nonetheless
dwarfed by Bitmain, which reportedly made between $3 and
$4 billion in operating profits that same year.
In May, Cointelegraph reported that Canaan Creative
had confirmed plans to start trading its IPO on the Hong Kong Stock
Exchange as early as July. Sources familiar with the matter told
local media at the time that the company was also seeking to raise
a whopping $1 billion.
This month, Bitmain’s CEO Jihan Wu revealed he is also “open” to
conducting an overseas IPO as a means of allowing early backers of
the firm to cash in funds.
Ethereum (COIN:ETHGBP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ethereum (COIN:ETHGBP)
Historical Stock Chart
From Apr 2023 to Apr 2024
Real-Time news about Ethereum (Cryptocurrency): 0 recent articles
More Ethereum News Articles