Bitmain IPO Application Fails to Impress – Set to Expire Today
HomeCryptocurrency NewsBitcoinist.com

Bitmain IPO Application Fails to Impress – Set to Expire Today

After six months of inactivity, the Bitmain IPO is set to expire bringing to a close another difficult chapter for the beleaguered cryptocu...

Weiss Ratings: Bitcoin Best Positioned to Become Popular Store of Value
Bitmain Says It Won’t Give Up on World’s Biggest Cryptocurrency IPO
CoinMarketCap Concedes Fake Trading Volume Concerns Are ‘Valid’

After six months of inactivity, the Bitmain IPO is set to expire bringing to a close another difficult chapter for the beleaguered cryptocurrency mining behemoth.


Bitmain IPO: Dead on Arrival

The Bitmain Technologies application for an initial public offering (IPO) on the Hong Kong Stock Exchange (HKEX) expires today, Monday (March 25, 2019).

Exactly six months ago, Bitcoinist reported that the company had published its first ever public financial information disclosure as part of its IPO filing.

Reports indicate that regulators at the HKEX remained unconvinced of the company’s business model and thus refused to approve the IPO. Back in 2018, Canaan, one of Bitmain’s competitors was also unable to go forward with its IPO filing on the HKEX.

According to the listing requirements as stated by the HKEX, IPO applications that fail to move to the “hearing stage” within six months, automatically become expired. Though it remains to be seen whether the Bitcoin mining giant will now refile the IPO application.

Bitmain

Refile with the HKEX or Look Elsewhere?

Bitmain electing to refile with the HKEX could have significant implications for the company especially on the financial disclosure front. According to the HKEX listing guidelines:

The latest financial period reported on by the reporting accountants for a new application must not have ended more than six months from the date of the listing document.

Based on the above rule, Bitmain will be forced to release its Q3 2018 financials, to the public. Reports indicate that the company lost more than $740 million in that particular period and has refused to disclose any figures.

Dovey Wan, founding partner at Primitive believes the company might look to the NASDAQ. Back in January 2019, Bitcoinist reported that Canaan was considering filing its IPO in New York.

What Next for Mining Behemoth?

Since submitting its IPO back in September 2018, Bitmain has experienced numerous issues that have significantly impacted the company’s financials. The decision to bet heavily on Bitcoin Cash saw the company record huge losses in a single quarter.

Aside from poor business decisions, 2018 also marked a prolonged bear market for cryptocurrencies, with prices falling more than 80 percent across the board. In the latter part of the year, Bitmain took to reducing its staff strength, laying off a couple of departments.

Will Bitmain be able to initiate another IPO process in 2019? Share your thoughts with us in the comments below.


Image courtesy of Twitter (@DoveyWan), Shutterstock

The post Bitmain IPO Application Fails to Impress – Set to Expire Today appeared first on Bitcoinist.com.



from Bitcoinist.com https://ift.tt/2Tsjtcl
Name

Bitcoin News,5117,Bitcoinist.com,4741,Cryptocurrencies,4741,Cryptocurrencies Latest News,5117,Cryptocurrency Latest News,4741,Cryptocurrency News,9858,
ltr
item
Cryptocurrency Latest News: Bitmain IPO Application Fails to Impress – Set to Expire Today
Bitmain IPO Application Fails to Impress – Set to Expire Today
https://bitcoinist.com/wp-content/uploads/2019/03/shutterstock_107086754-640x400.jpg
Cryptocurrency Latest News
http://cryptocurrencylatest.blogspot.com/2019/03/bitmain-ipo-application-fails-to.html
http://cryptocurrencylatest.blogspot.com/
http://cryptocurrencylatest.blogspot.com/
http://cryptocurrencylatest.blogspot.com/2019/03/bitmain-ipo-application-fails-to.html
true
1236144943044321696
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy