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.