Ebang to Report Significant Profit Drop in New IPO Filing

In the first half of 2018, Ebang received $ 304 million in profit, which is 8 times more than the numbers for the same period of 2017
21 December 2018   645

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

We experienced significant decreases in revenue and gross profit for the three months ended September 30, 2018 compared to the preceding three months ended June 30, 2018.
 

Ebang Report

In the first six months of 2018, Ebang received $ 304 million in profit, which is eight times more than the numbers for the same period of the previous year, and net revenues amounted to $ 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 launch an IPO became known in May of this year. It was reported that the company is going to raise $ 1 billion.

Mining Ban in China Won't Affect Bitmain & Canaan

This is said by the companies themself; also, Bitmain and Canaan did not indicate whether they intend to move the business abroad
11 April 2019   201

The prospect of a ban on mining in China will not have an impact on the operating activities of mining giants Bitmain and Canaan in the short term. This was stated by representatives of the press services of companies, 8btc reports.

At the same time, Bitmain and Canaan did not indicate whether they intend to move the business abroad, if the mining ban is set at the legislative level.

Note that China currently holds a dominant position in mining Bitcoin and Ethereum.

According to local cryptoexperts, mining equipment manufacturers will exist as long as Bitcoin has value.

Earlier in April, the National Development and Reform Commission of China issued a bill that called mining an “undesirable industry” and proposed banning it.

So far, the initiative has no legal force. Public discussion of the bill will last until May 7.