A leading manufacturer of mining equipment, Bitmain may defer your application to the IPO. This could signal the failure of the first attempts to become a public cryptomnesia. The deadline for the listing of the company today, but so far there is no news. Recall, an application for an IPO on the Hong Kong stock exchange HKEX were filed six months ago, on 26 September 2018.
On this step the company made a huge profit from the sale of miners in 2017. As it was reported, thanks to Bitmain IPO planned to raise up to $ 18 billion and reach a capitalization level 40-50 billion.
A series of failures Bitmain
Since this topic was a lot of controversy and suspicion. The first large investors were denied any involvement in the financing of the company prior to the IPO. She was later caught in a massive plum of BTC in favor of Bitcoin Cash, after which there were suspicions of manipulation of the BCH.
Almost all of 2018 in the backdrop of the bearish trend to the financial position Bitmain had any questions. In a state of panic, the company has introduced and the constant release of more powerful miners from the competition. The situation almost brought Bitmain to bankruptcy, and CEO Jihan Wu even had to leave his post.
In addition, IPO is another giant in the field of mining Canaan ended in complete failure. In turn, HKEX Bitmain has put forward very high requirements. According to Coindesk data, it does not seem that the exchange is going to approve IPO of the manufacturer. Primarily this is due to the high volatility of this industry.
According to the rules of HKEX, the applicant may resume consideration, however, it will have to provide a detailed financial report for the second half of 2018 — at least until September. And we hardly wait. More data look at cryptodata.
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