China's producer of mining capacities – Ebang Communication – plans to go public, with listing on HKEX.
According to the news reports, the company has submitted the application for IPO on the Hong Kong Stock Exchange. The assessment of the company is unknown so far. Moreover, the company is yet to unveil the target sum for IPO.
This May the company expressed its first intentions to launch IPO. That time It was said to ask for advice on this matter as well as target sum at $1 billion.
Ebang shows stable economic performance. According to the available data, revenue hiked 17-fold to CNY 925 million ($141 million) in 2017. Net income soared 34-fold to CNY 380 million ($600 million) over the period under review.
Sales of bitcoin miners accounted for 94.6% of overall revenue last year, while in 2015 and 2016 the share was 31% and 42% respectively.
For reference, Ebang Communication appeared in 2010 and dealt with telecom products and services. However, the company switched to the crypto mining sector later. The first miners Ebit was launched in 2016.
Notably, China-based producer of ASIC miners Canaan Creative expressed intentions to hold the largest IPO in the segment.