[Breaking]: Bitcoin Mining Giant Bitmain Officially Files For IPO In Hong Kong Stock Exchange

    Bitmain Files For IPO In Hong Kong Stock Exchange (HKEX)

    Beijing based Bitcoin mining giant Bitmain has officially registered a bid to go public on the Hong Kong Stock Exchange (HKEX).

    The firm’s long-awaited initial public offering (IPO) prospectus follows various news reports that the mining giant has been meditating a Hong Kong listing and weighing a multi-billion dollar public fundraising.

    Currently, the petition is pending additional listing hearings from the HKEX. It remains unclear how much the firm will be valued at finally. As shown in the posted application, a number of details remain redacted, including the numbers of shares that will be offered and the timetable for the public offering.

    As it can be seen above, the mining giants made a total of $2,517,719,000 in revenue just in 2017, representing a significant increase from the $277,612,000 in revenue it generated over the course of 2016. As of June 30, according to the prospectus, Bitmain has made $2,845,467,000 in revenue.

    To add to these numbers, Bitmain took home a gross profit of $1,212,750,000 last year, again indicating a significant improvement from $151,351,000 over the previous year. Before taxes, Bitmain brought in $137,750,000 in 2016, $897,376,000 in 2017 and $907,792,000 for the first half of 2018.

    Notably, the scheme highlights the companies that operated on the IPO deal. The document lists them as China International Capital Corporation Hong Kong Securities Limited, Commerce and Finance Law Offices, Maples and Calder (Hong Kong) LLP, KPMG, and Frost & Sullivan.

    The document states:

    “As of the Latest Practicable Date, none of the experts named above has any shareholding in any member of our Group or the right (whether legally enfroceable or not) to subscribe for, or to nominate persons to subscribe for securities[sic], in any member of our Group.”

    The news about Bitmain going public is still in progress. BitcoinExchangeGuide will bring it to you the updated story as soon as more details are public.

    The Bitmain Pre-IPO and company overall has been full of controversy and speculation. Here is the latest news prior to the IPO Filing:

    [Newsflash]: Samson Mow Rips Bitmain 7nm Bitcoin ASIC Mining Chip into Shreds Listing Facts and Stats

    Bitmain Artificial Intelligence Brand Sophon ‘Yuanfeng' Causes Investor Worry in IPO

    Crypto Rumor Central on Bitmain IPO Story Sees Sequoia, Advantech and Others Board Members Accomplice in Bitmain’s Fraud

    MORE Bitmain IPO Drama Surfaces As Investors Allegedly Threaten To Sue For Financial Misrepresentation And Omission

    [Update]: Bitmain IPO Bankruptcy Ordeal Has Surprising New Data Revealed on Bitcoin's Mining Titan

    New Bitmain IPO Drama: All is *NOT* Well with Leading Bitcoin Mining Company

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    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

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