Chinese Ebang International Holdings Inc. Files for HK IPO

Chinese Bitoin mining machine maker Ebang International Holdings Inc. has filed initial public offering prospectus to the Hong Kong Stock Exchange, following the footsteps of bigger opponent Canaan Inc. and spread rumors of Bitmain Technologies Ltd. designing and developing an IPO too.

The market fall and crisis of the cryptocurrency square, as Bitcoin prices have discarded to 32% of its December 2017 top, would present a task to these firms as incomes on crypto mining go on falling and the development of mining seem fewer vital.

The initial filing did not involve any monetary detailed information but suggested comprehension into the company’s monetary operation. The firm, which was de-listed three months ago in development for an IPO in another place, registered  profits of RMB978 million in 2017, up 715% in comparison with RMB120 million(US$1.8 Million) in 2016. Total income was RMB527 million in 2017, up 813% from RMB57.7 million in 2016. Its total income stock remained at 53.9% in 2017 and 47.8% in 2016.

The considerable growth in profit was mostly appropriate to the raid increase of the firm’s blockchain industry as market requirement continues to enhance for Business operation utilities (BPUs) for Bitcoin mining all over 2016 and 2017, mentioned the firm.

Ebang started loading and transportation of their first independently designed BPU example, EBIT E9, in Decemeber 2016. This was accompanied by the start of Ebit E9+ in February 2017, for which they begun transportation in May 2017.

The Bitcoin mining machine market is Ebang’s major industry, contribution to 94.6% of the firm’s entire income a year ago.

Ebang schedules to apply the IPO incomes for creation and implementation of new BPU items, industrial production of non-cryptocurrency blockchain programs and new telecommunication items, structuring of new production facilities and addition of production lines and manpower, and other enterprise operations.

Haitong International Securities Group Ltd. is the single and exclusive sponsor of the IPO.

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here