Bitmain technologies, a Chinese cryptocurrency mining chip manufacturer is planning to introduce their initial public offerings in Hong Kong. According to a source, the IPO could raise a whopping $3B.
The Chinese company is the most powerful players in the field of cryptocurrencies and will make listings in the Hong-Kong stock exchange by September.
It will be interesting to see how the digital currency companies would react towards the fall of bitcoin value in the market by 75 percent since January 2018. If the listings are successful, it will be a moment in the history for the cryptocurrency industry, which is constantly moving towards the mainstream from the fringes of finance.
Although Bitmain is in the dominant position, the company may face a tough competition against its rivals Canaan Inc., a crypto mining gear maker, has already filed an application for a Hong Kong IPO. The company is looking forward to raising $1B. In addition, another mining gear maker, International Holdings Inc. has also shown interest towards the listings in the city.
Now, the main deal lies whether investors will pile in or not. Especially, after the recent fall down of Hong Kong’s stock market amid fears over the rising of interest rates and a USA-China trade clash.
The listings of the proposed IPO haven’t been finalized, and its fundraisings plans could change.
“The challenge is advancing our technology beyond what we’ve already achieved,” said WU, Co-founder, Bitmain.