Mining Giant Bitmain’s IPO Falls Flat After Failing to Report to HKEx Committee Hearing

Bad news for Bitmain as it seems that their bid to get their initial public offering listed on the Hong Kong stock exchange will not be successful.

This is because today, March 25, 2019, marks the last day of their six-month period in which a committee meeting must be held before a listing can be approved. From all indications, no such meeting has taken place and there are no known plans to do so and thus, the application will likely lapse.

“There is a 6 months window for an IPO filing to be moved into IPO hearing stage, if the hearing does not happen in 6 months it will automatically expire.
Bitmain’s next attempt can be NASDAQ but it needs to find another,” said one users tweet.

Time Lapse

The way the listing process at the Hong Kong stock exchange goes is that after a filling, a closed-door meeting needs to be held with the Listing Committee who will accept or decline the application.

According to the published records, the filing was made on September 26, 2018 and since there has been no official record of a meeting, the application will likely be rendered obsolete.

What Could Have Been

From all indications, the now-lapsed IPO was set to be one of the most impressive in crypto history.

Talk of the IPO first began in mid-2018 and got even more attention when Bitmain CEO Jihan Wu stated that the company was looking towards filing an IPO in a region of the world with US dollar-denominated shares. The IPO was then rumored to be targeting funding between $15 Billion and $18 Billion, which would have made it one of the biggest in the world.

Among some of the backers of the IPO were Tencent and Japan’s SoftBank, through both, along with others, distanced themselves from the Project. More trouble came along when the bear market hit and the company was forced to disclose its financial situation with the IPO filing, which showed that they had seen significant losses since the market downturn.

Since then, the company has seen some major restructuring with the cutting of staff, two lawsuits being filed against them and several members of management taking on new roles such as Jihan Wu and Micree Zhan Ketuan leaving their positions as co-CEOs and instead taking on the roles of co-chairs.

It is not known what the firm’s next move is or if they will make another attempt at an IPO.

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