Ebang BTC Mining Equipment Manufacturer to Go for IPO

Ebang raised 925 million yuan ($141 million) in revenue in 2017 alone, marking a 17-time year-on-year growth compared with 2016
25 June 2018   738

A major Chinese manufacturer of mining equipment Ebang Communication is planning to become a public company, whose shares will be traded on the Hong Kong Stock Exchange (HKEX). This is reported by CoinDesk.

The company filed a preliminary application for an initial public offering (IPO) on the HKEX. It is not yet known how much Ebang is valued, and how much it plans to attract during the IPO.

For the first time, Ebang's plans to enter the IPO became known in May this year. Then it was reported that the company is actively consulting on this issue, and is also going to raise $ 1 billion.

Note that the financial performance of the company Ebang demonstrate more than a confident growth. So, over the past year, the company's revenue increased 17 times, amounting to 925 million yuan ($ 141 million). Compared to the previous period, net profit in 2017 increased by 34 times, amounting to 380 million yuan ($ 60 million).

In 2017, 94.6% of total revenue was sold by bitcoin miners. It is noteworthy that in 2015 and 2016 these indicators were 31% and 42% respectively.

Founded in 2010, Ebang Communication originally specialized in products for the telecommunications industry. After a while the company reoriented to the mining industry. The first miners called Ebit were released in 2016. Currently, Ebang is engaged in the production of bitcoin-miners based on 7-nm chips.

Bitmain to Deny Jihan Wu is Out

Yesterday news that mister Wu left the post of chairman of the board of directors appeared
15 November 2018   91

Bitmain Bitcoin has denied rumors that its head Jihan Wu left the post of chairman of the board of directors. This is reported by CCN.

News that Jihan Wu and three other functionaries withdrew from the board of directors of the company appeared the day before. According to one version, Wu entered into an unspoken confrontation with Bitmain co-founder Micree Zhang, since he is focused on developing products in the field of AI and chip production.

It was also stated in reports of local publications, Wu moved to the position of Bitmain supervisor and lost his right to vote in the decision-making process of the board of directors, in connection with which he will no longer be able to influence the management of the company.

In a letter to CCN, Bitmain marketing manager Nishant Sharma confirmed that the board of directors of the company had undergone personnel changes, but the information that Jihan Wu had left the post of chairman called fake. He also denied the departure of other members of the board.

As is standard listing practice, Bitmain is restructuring its board and group structure, to ensure it meets regulatory requirements on its road to IPO. This is to simplify the board structure to facilitate its management. There have been no board departures and co-founder Jihan Wu will continue to lead the company as co-chair, together with co-chief executive officer, Micree Zhan.

Nishant Sharma

Marketing maneger, Bitmain

Bitmain filed an official application for an IPO on the Hong Kong Stock Exchange in September.