Cryptocurrency & Blockchain Business
Joyce Chen

Bitmain eyeing US$18b IPO in Hong Kong

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Mainland cryptocurrency mining company Bitmain Technologies is reportedly looking at an initial public offering in Hong Kong, possibly raising as much as US$18 billion (HK$140.4 billion), amid a number of mining investment scams.

The firm is to submit its application next month with a market capitalization of US$40 billion to US$50 billion, according to CoinDesk, citing documents it obtained. It could be listed on the bourse as soon as at the fourth quarter this year.

Bitmain had three rounds of fundraising before, backed by some big-name investors such as Tencent Holdings (0700), Softbank Group and Singapore’s sovereign wealth fund GIC. In both 2017 and the first quarter of 2018, the company recorded US$1.10 billion profits, and is expected to see a profit of US$2 billion by the end of this year, CoinDesk reported.

This potential IPO comes after a number of mining frauds were reported, following the value of some cryptocurrencies surging last year. Last month, over 70 Macau residents reported to the police that a Hong Kong technology company has not been able to pay out returns promised for months. The amount they invested accounted for over HK$20 million.

Meanwhile, K Group Holdings (8475) started trading on the GEM board, ending at HK$0.495 when the market closed.

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