Ebang Communication, one of the biggest bitcoin mining chip creators in China, is looking to open up to the world on the Hong Kong Stock Exchange (HKEX).
The firm filed an application for the first sale of stock with the HKEX on Monday. Since the application is still in draft shape, it’s still unclear at this stage the valuation of the Zhejiang-based organization or the amount it expects to raise, according to reports.
The document also stated an earlier report from Reuters which demonstrated in May that the firm was having talks with advisors for the move. Ebang was hoping to raise as much as $1 billion, which, if true, could be the biggest IPO in the cryptocurrency industry, stated the report made at that period.
The file additionally comes just a month after Ebang’s rival bitcoin excavator producer Canaan Creative presented an IPO application to the HKEX, which was apparently expecting to raise $1 billion.
What’s more, Ebang’s filing today offered fine points of interest on the association’s business tasks.
In light of a financial statement included as a feature of the IPO recording, Ebang raised 925 million yuan ($141 million) in income in 2017 alone, marking a 17x year-on-year development in comparison with2016.
Additionally, the firm said in the archive it recorded 380 million yuan (or $60 million) in a net benefit in 2017, which is 34 times more than that in the previous year.
Established in 2010, Ebang Communication began by assembling equipment items for the telecommunications industry. The firm later moved into cryptocurrency mining business by launching its own particular Ebit diggers in 2016 to compete Chinese bitcoin mining mammoth Bitmain and Cannan Creative.
Strikingly, the budgetary record demonstrates that in 2017, 94.6 percent of Ebang’s income was created from the offer of bitcoin excavators. That number has likewise developed fundamentally from only 31 and 42 percent in 2015 and 2016, individually.