Ebang refused to hold an IPO on the Hong Kong Stock Exchange

A major Chinese manufacturer of mining equipment, Ebang Communication, did not update the application for an IPO on the Hong Kong Stock Exchange (HKEX). This is reported on the website of the exchange .

A company from Hangzhou submitted an application to HKEX last June. According to the rules of the exchange, the applicant for an IPO must update the application every six months. Last Ebang updated it in December 2018.

According to available information, the revenue from sales of Ebang is 9.2% of the world market of bitcoin miners, the realized computing power of the devices is 10.9%.

Note that in November 2018, the mining giant Canaan Creative refused plans to conduct an initial public offering of shares on HKEX. In March 2019, a similar failure was followed by the mining industry leader Bitmain. Both companies said they were considering options for an IPO in the United States.

Recall that in January 2019, HKEX CEO Li Xiaojia said that the exchange delays the decisions on IPO applications of Chinese mining giants, doubting the stability of their business.

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