HKEX CEO to Question Crypto Miner IPO Filings

Bitmain, Canaan Creative and Ebang have submitted IPO applications for HKEX, still no reply
24 January 2019   542

The CEO of the Hong Kong Stock Exchange (HKEX), Li Xiaojia, said that companies that are applying for an IPO must demonstrate a “sustainable” business model. A radical change of activities, in his opinion, can only indicate the absence of such. It is reported by CoinDesk.

Responding to a question about the requests of mining companies, Xiaojia stressed that it is important for HKEX to understand that, despite the change in direction, the first business model still makes a profit. At the same time, according to him, during the consideration of applications, the exchange assesses the adaptability of companies to changing market conditions.

Manufacturers of mining equipment Bitmain, Canaan Creative and Ebang have submitted IPO applications for HKEX, but still have not received approval.

Earlier, the media have already reported that the HKEX is concerned about the unstable situation in the cryptocurrency market.

It should be added that OKCoin received HKEX approval for the purchase of a 60.49% stake in LEAP Holdings Group, a public company, which may allow it to enter the stock exchange without an IPO soon.

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.