Bitmain Publishes Draft Application For Public Listing on Hong Kong Exchange

The popular Chinese mining platform, Bitmain, has filled out a draft application for its shares to be listed on the Hong Kong Stock Exchange (HKEX.)

Going Public

This document was published on September 26th and includes a longstanding history of the platform before going into its reasoning for an application. The summary begins as follows:

“We are China’s second largest and among the world’s top ten fabless IC design companies in terms of revenue in 2017, according to Frost & Sullivan. We focus on the design of ASIC chips specialized in cryptocurrency mining and AI applications, and we are the fourth largest global fabless ASIC chip design company in terms of revenue in 2017, according to Frost & Sullivan.”

Bitmain goes on to state that they are one of the very few companies that offer mining solutions for so many different currencies, including but not limited to Bitcoin (BTC,) Bitcoin Cash (BCH,) Ether (ETH,) Litecoin (LTC,) Dash (DASH,) and Zcash (ZEC).

Then, the company lists its strengths and strategies, including their desire to “invest in research and development” and to continue investing in “AI and promote the commercial application of our AI technologies and solutions.”

Suggested Reading Learn more about cryptocurrency mining in our article on blockchain consensus mechanisms.

Speculative Offerings

Of course, it’s important to note that this document is only a draft and doesn’t necessarily mean the company will see approval. However, Bitmain obviously sees itself in a stable enough position to go public.

This isn’t a complete surprise, though. Back in June, Bitmain revealed its desire to hold an initial private offering (IPO). Bitmain CEO Jihan Wu stated his goal of launching an offering with U.S. dollar backed shares.

Earlier this year, CNBC reported on Bitmain, stating that it may have made just as much money as NVIDIA in 2017. Then, the company posted a $1 billion dollar profit in quarter one of this year.

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