[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.
From Bitmain IPO prospectus…
2015 revenue: $137M
2016 revenue: $277M
2017 revenue: $2.52B
2018 1H revenue: $2.85B
2015 profit: $48M
2016 profit: $114M
2017 profit: $701M
2018 profit: $743M pic.twitter.com/4vl67sMhw8
— Kevin Rooke (@kerooke) September 26, 2018
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: