Bitmain IPO Filing Officially Expires on HKEx, Yet Transparency Benefits Remain and New CEO Elected
The cryptocurrency mining giant Bitmain decided to present a filing to list an initial public offering (IPO) on the Hong Kong Stock Exchange (HKEx). According to the list of now-lapsed applications on HKEx website shows that the filing of the Chinese company has already expired.
Bitmain’s IPO Filing Expires
In a recent blog post released by the company, they informed that the IPO application is now inactive. The company has been waiting to have an IPO approval since September 2018. In this blog post, the company has also revealed that its new CEO is going to be Mr. Haichao Wang.
Bitmain explains that they confirm the expiration but that they remain committed to realizing the “huge potential of the cryptocurrency and blockchain industry.” Moreover, they mentioned that the industry is still in its early stages and that it has the potential to prove its value.
They have also talked about how they expect that the society will be more open towards distributed ledger technology.
About this, Bitmain wrote:
“We hope regulatory authorities, media, and the general public can be more inclusive to this young industry. We will restart thelisting application work at an appropriate time in the future.”
It is worth mentioning that the company said that the HKEx listing has made the firm more transparent and also standardized. In order to streamline its operations, the company has appointed Mr. Wang as the CEO. Wang has extensive experience in the chip industry and has also been working at Bitmain in the past.
Although the company had a failed attempt for an initial public offering, the crypto miner-manufacturer is investing in the business. After a very positive 2017, last year has been very hard for the firm. Bitmain closed two offices one in Israel and another one in Amsterdam.
The mining industry is highly dependent on the prices of virtual currencies. In 2018, Bitcoin (BTC) and other digital assets dropped more than 80%. Nonetheless, Bitmain is planning to open a large scale crypto mining farm in southwestern China.