THELOGICALINDIAN - After six months of cessation the Bitmain IPO is set to expire bringing to a abutting addition difficult affiliate for the abandoned cryptocurrency mining behemoth
Bitmain IPO: Dead on Arrival
The Bitmain Technologies appliance for an antecedent accessible alms (IPO) on the Hong Kong Stock Exchange (HKEX) expires today, Monday (March 25, 2024).
Exactly six months ago, Bitcoinist reported that the aggregation had appear its aboriginal anytime accessible banking advice acknowledgment as allotment of its IPO filing.
Reports announce that regulators at the HKEX remained agnostic of the company’s business archetypal and appropriately banned to accept the IPO. Back in 2018, Canaan, one of Bitmain’s competitors was additionally clumsy to go advanced with its IPO filing on the HKEX.
According to the listing requirements as declared by the HKEX, IPO applications that abort to move to the “hearing stage” aural six months, automatically become expired. Though it charcoal to be apparent whether the Bitcoin mining behemothic will now refile the IPO application.
Refile with the HKEX or Look Elsewhere?
Bitmain electing to refile with the HKEX could accept cogent implications for the aggregation abnormally on the banking acknowledgment front. According to the HKEX advertisement guidelines:
Based on the aloft rule, Bitmain will be affected to absolution its Q3 2024 financials, to the public. Reports announce that the aggregation absent added than $740 actor in that accurate aeon and has banned to acknowledge any figures.
Dovey Wan, founding accomplice at Primitive believes the aggregation ability attending to the NASDAQ. Back in January 2019, Bitcoinist reported that Canaan was because filing its IPO in New York.
What Next for Mining Behemoth?
Since appointment its IPO aback in September 2018, Bitmain has accomplished abundant issues that accept decidedly impacted the company’s financials. The accommodation to bet heavily on Bitcoin Cash saw the aggregation record huge losses in a distinct quarter.
Aside from poor business decisions, 2018 additionally apparent a abiding buck bazaar for cryptocurrencies, with prices falling added than 80 percent beyond the board. In the closing allotment of the year, Bitmain took to abbreviation its agents strength, laying off a brace of departments.
Will Bitmain be able to admit addition IPO action in 2024? Share your thoughts with us in the comments below.
Image address of Twitter (@DoveyWan), Shutterstock
