Ebang Interaction, one particular of the most significant bitcoin mining chip makers in China, is trying to get to go general public on the Hong Kong Stock Trade (HKEX).
The organization submitted an application for an original general public offering with the HKEX on Monday, document reveals. Since the application is nonetheless in draft form, it truly is unclear at this stage the valuation of the Zhejiang-centered organization or how a lot it intends to raise.
The submitting confirmed an earlier report from Reuters which indicated in May that the agency was in talks with advisors for the shift. In accordance to the report at the time, Ebang was on the lookout to raise as a lot as $1 billion, which, if legitimate, could be the most significant IPO in the cryptocurrency business.
The submitting also arrives just a month immediately after Ebang’s rival bitcoin miner maker Canaan Artistic submitted an IPO application to the HKEX, which was also reportedly aiming to raise $1 billion.
In addition, Ebang’s submitting nowadays available fine aspects on the firm’s business operations.
Based on a economical statement bundled as element of the IPO submitting, Ebang lifted 925 million yuan ($141 million) in earnings in 2017 on your own, marking a 17-time 12 months-on-12 months growth in comparison with 2016.
Similarly, the agency reported in the document it recorded 380 million yuan (or $60 million) in net revenue in 2017, which is 34 occasions additional than that in the 12 months right before.
Founded in 2010, Ebang Interaction began by production hardware items for the telecommunication business. The agency later moved into the cryptocurrency mining business by launching its have Ebit miners in 2016 to compete with Chinese bitcoin mining large Bitmain and Cannan Artistic.
Notably, the economical document reveals that in 2017, 94.6 % of Ebang’s earnings was generated from the sale of bitcoin miners. That amount has also grown appreciably from just 31 and 42 % in 2015 and 2016, respectively.
In accordance to the document, Ebang is also in the method of making its have 7nm bitcoin miners. As previously described by CoinDesk, Japan’s IT large GMO Online has by now introduced the world’s to start with bitcoin miner equipped with a 7nm chip.
Bitcoin miner impression by using Shutterstock