Bitmain's Profit to Exceed $1B in Q1 2018

After the additional $ 400 million raised in June, the value of Bitmain is estimated at about $ 14 billion
31 July 2018   522

The Chinese mining giant Bitmain made a profit of $ 1.1 billion in the first quarter of this year. This is reported by the Fortune.

In particular, the source confirms the information that the largest producer of mining equipment is preparing for an initial public offering (IPO) in Hong Kong.

After the additional $ 400 million raised in June, the value of Bitmain is estimated at about $ 14 billion (16.6% more than the company's previous estimate).

Only for the first quarter of this year, Bitmain's net profit was $ 1.1 billion. According to the most conservative projections, in annual terms this figure will amount to 2 to 3 billion US dollars.

Over the past year, the company of Jihana Wu earned $ 2.5 billion, which is eight times higher than in 2016.

Bitmain to File IPO Application

The application was sent to Hong Kong Stock Exchange (HKEX)
27 September 2018   438

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