Bitmain to Receive $1B Investment

Funds received from chinese technology company Tencent and the Japanese telecommunications media corporation SoftBank
06 August 2018   747

Within the series C financing round, the largest manufacturer of mining equipment Bitmain received an investment of $ 1 billion from the Chinese technology company Tencent and the Japanese telecommunications media corporation SoftBank. This was reported by the research department of the Bitmex exchange with reference to a local source.

It also became known that after the next investment round, the value of Bitmain is estimated at $ 15 billion. In addition, the Chinese source confirms information on Bitmain's preparation for the initial public offering (IPO), which will be held in Hong Kong in September.

As the lead underwriter, a major investment company, China International Capital Corporation (CICC), was selected, which specializes in providing financial services to institutional clients.

In 2004, Tencent held an IPO on the Hong Kong Stock Exchange. By the end of 2017, the company, in its market capitalization exceeding $ 500 billion, ranked fifth in the world

Bitmain to File IPO Application

The application was sent to Hong Kong Stock Exchange (HKEX)
27 September 2018   436

The largest mining company Bitmain has submitted to the Hong Kong Stock Exchange (HKEX) listing application for an initial public offering (IPO), according to CoinDesk.

The application is a draft option, and some of its details, in particular the number of shares offered for sale and the immediate date of the IPO, are still in the process of editing.

Nevertheless, the document indicates that last year Bitmain's revenue was $ 2,517,719,000. This figure is higher than in 2016 ($ 277,612,000). As of June 30, 2018, the company's revenue was $ 2,845,467,000.

The application said that in 2017 the gross profit of the company was $ 1 212.7 million, which is also higher than in 2016 ($ 151,351,000).

Earlier, the head of Bitmain, Jihan Wu, expressed his indignation over the actions of the company's chief financial officer, who disclosed the figures for the first quarter 60 days after his end, and not after 90, as he had expected.

The media suggested that in the run-up to the IPO the publication of such information could have a negative effect on the company's investment attractiveness.

In addition, the document confirmed the media's information that Bitmain owns a 3% stake in Opera's Internet browser thanks to an investment of $ 50 million.

The application also indicates that the underwriters of the IPO are China International Capital Corporation Hong Kong Securities Limited, Commerce and Finance Law Offices, Maples and Calder LLP, KPMG and Frost & Sulliva