Bitmain’s IPO Application on HKEx Officially Expires

Bitmain claims IPO filing procedure made the company more focused on its core mission; announces appointment of new CEO.

Major Chinese cryptocurrency mining company Bitmain’s filing to list an initial public offering (IPO) on the Hong Kong Stock Exchange (HKEx) has now expired after a six-month period of validity, as per HKEx listing rules.

In a blog post published on March 26, the company confirmed that its IPO application (published in September 2018) is now inactive. The status of the application is also listed as “lapsed” on the official HKEx website (listings lapse when a closed-door hearing with the Listing Committee is not conducted within the 6-month time frame).

“We do recognize that despite the huge potential of the cryptocurrency and blockchain industry, it remains a relatively young industry which is proving its value,” read the post by Bitmain. “We hope regulatory authorities, media, and the general public can be more inclusive to this young industry. We will restart the listing application work at an appropriate time in the future.”

However, the blog post also went on to note that the listing procedure had made Bitmain “more transparent and standardized”.

“The process of rationalization and optimization has made our business more focused on the things that are core to our mission”, the post stated.

In addition to addressing the expired IPO application, Bitmain also announced the appointment of a new CEO, Haichao Wang who reportedly has “extensive experience in the chip industry”. Bitmain co-founders Micree Zhan and Jihan Wu will continue on as directors.

The company revealed that it aligned its focus on cryptocurrency, artificial intelligence chips and related products during 2018. In accordance with this, Bitmain has now “established clear business divisions for mining hardware, AI, mining farms and mining pools”, along with having “integrated the resource lines for chip design, hardware and software”.

For 2019, the company claimed it is dealing with the challenges of the ongoing bear market, by releasing products such as the Antminer Z11, which meet the specific needs of Bitmain’s customers, along with signing cooperation agreements with various national-level entities in China and funding open-source developers, organizations, and projects.

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