Ebang Communications, one of the largest Bitcoin extraction hardware manufacturers (BTCs) in China, today filed an initial public offering (IPO) request on the Hong Kong Stock Exchange (HKEx) on 25 June.
The application confirms a report from Reuters said that it may Zhejiang based company was working with consultants on a Hong Kong waterline, may seek to raise to $ 1 million to finance growth.
Today's presentation does not provide details about how much Ebang is trying to increase for its IPO, nor does it provide an accurate assessment for the company.
The presentation includes a cash flow statement that Ebang 925 million yuan ($ 141 million) of revenue in 2017, an increase of almost eighteen times since 2016.
The presentation also suggests that the percentage of revenues generated solely to sell Ebang Bitcoin miners greatly from year to year from 31 percent in 2015 to 2 015 in 2017 increased to 42 percent to 94.6 percent.
According to the filing of the IPO Ebang application today, the company is working for Bitcoin miners equipped with 7nm semiconductor chips from the next generation, which have already been developed by the OCM Japanese conglomerate technology since 2017 and officially launched this spring
Ebang competes with Bitmain and Canaan Creative for dominating China's lucrative hardware industry for encryption. The latter launched its non-under review The January results showed a 600-fold increase in its annual net profit of 410 million yuan ($ 62 million) in 2017, a figure that Bitmain, reportedly among $ 3 and $ dwarfs operating profit of 4 billion that same year.
In May, Cointelegraph reported that Canaan had confirmed the creative plans to start listing on the Hong Kong stock exchange since July. Sources familiar with the case told the local media that the company also wanted to raise one billion dollars.
This month, the CEO of Bitmain, Jihan Wu also revealed that the "open" for an IPO abroad as a means of holding the first sponsors to raise funds.