Driving Chinese Bitcoin Digger Producer Records for Initial public offering in Hong Kong
Ebang Correspondence, one of the biggest Bitcoin (BTC) mining equipment producers in China, has recorded an application for a first sale of stock (Initial public offering) with the Hong Kong Stock Trade (HKEX)
The application affirms a Reuters report in May that the Zhejiang-based firm was working with guides on a Hong Kong drift, conceivably looking to raise as much as a stunning $1 billion to support development.
The present recording does not give points of interest on the amount Ebang is trying to raise for its Initial public offering, nor does it give an exact valuation for the firm.
Nonetheless, the documenting includes a money related explanation which expresses that Ebang earned 925 million yuan ($141 million) in income in 2017 – a just about eighteen-overlap increment from 2016.
The recording likewise proposed that the extent of Ebang's income created exclusively from the offer of Bitcoin excavators has fundamentally expanded year-on-year, ascending from 31 percent in 2015 to 42 percent in 2015, to 94.6 percent in 2017.
As indicated by Ebang's Initial public offering application recording today, the firm is currently during the time spent attempting to discharge Bitcoin excavators furnished with cutting edge 7nm semiconductor chips, which have just been being developed by Japanese tech combination GMO since 2017 and formally propelled this spring.
Ebang contends close by Bitmain and Canaan Imaginative for predominance in China's lucrative crypto mining equipment producing industry. The last discharged its own unaudited comes about this January that demonstrated a 600-overlay increment in its yearly net wage of 410 mln yuan ($62 mln) in 2017 – a figure in any case overshadowed by Bitmain, which apparently made amongst $3 and $4 billion in working benefits that same year.
This month, Bitmain's President Jihan Wu uncovered he is likewise "open" to leading an abroad Initial public offering as a methods for enabling early patrons of the firm to trade out assets.