In the new IPO application, the mining company Ebang announced a "significant reduction" in profit

On December 20, Ebang, a major Chinese manufacturer of mining equipment, re-issued a request for an initial public offering (IPO) on the Hong Kong Stock Exchange (HKEX). In the document, the company indicated a “substantial decrease” in profits in the third quarter of 2018, CoinDesk writes.

"We are faced with a significant decline in revenues and gross profit in the third quarter compared with the previous three months," the document says.

In the first six months of 2018, Ebang earned $ 304 million in profits, which is eight times more than the figures for the same period of the previous year, and net revenues were $ 135 million.

Ebang did not disclose the details of the third quarter financial statement in the first application. However, a source familiar with the situation noted that the company should provide this information so that the IPO application remains relevant next year.

At the moment, it is not known how much Ebang plans to attract at the IPO, however, a source at CoinDesk said that the company had reduced the amount more than twice since the first application was made.

For the first time, Ebang’s plans to enter the IPO became known in May of this year. It was reported that the company is going to raise $ 1 billion.

Earlier, BlockchainJournal reported that HKEX is not in a hurry to approve IPO applications from Bitmain, Canaan and Ebang due to unfavorable market conditions.

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