SoftBank to Deny Deal With Bitmain

It is noteworthy that Tencent has not yet commented on the situation
20 August 2018   556

The Japanese media corporation SoftBank came out with an official refutation of its participation in the investment deal with the largest manufacturer of mining equipment Bitmain. This is reported by Cointelegraph.

Information on the participation of Tencent and SoftBank in the financing of Bitmain appeared at the beginning of the month. Then it was reported that Tencent and SoftBank invested $ 1 billion.

Neither the SoftBank Group Corp. nor the SoftBank Vision Fund were in any way involved in the deal.
 

Kenichi Yuasa

Corporate Communication Office, SoftBank Group Corp.

It is noteworthy that Tencent has not yet commented on the situation.

According to the chief strategic director of Blockstream Samson Moe, Bitmain is increasing the pace of financing due to unsatisfactory financial results of the second quarter. He estimates the company's losses at $ 600-700 million.

Bitmain plans to leave on IPO already in September. Estimates of the volume of future investments vary from $ 3 billion to $ 18 billion.

Bitmain to File IPO Application

The application was sent to Hong Kong Stock Exchange (HKEX)
27 September 2018   423

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