Category Archives: Ebang International Holdings

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Bitmain Resurrects IPO Plan, Seeks $500 Million

Bitmain Resurrects IPO, Seeks 0 Million

Bitmain Technologies Ltd is reportedly resurrecting plans for an initial public offering (IPO), according to sources close to the company. The news came on the back of a new high for Bitcoin in 2019, just before it broke the psychological USD 10,000 barrier today.

People in the know at the world’s largest producer of crypto mining chips told Bloomberg that the company had not given up on its IPO, despite several setbacks over the past year. They are now apparently collaborating with advisors to prepare for a share sale in the US and could shock with a sale date as soon as 2019.

The sources, who asked to remain anonymous, even revealed that the current plan now is to file their documents for listing at the US Securities and Exchange Commission (SEC) by July. However, they said that they may now consider a lower target for fundraising, as an increased volatility has been observed in crypto recently. A private funding round in 2018 had valued the firm at around USD 15 billion, and it will now seek to raise between USD 300 to USD 500 million from this sale, if successful. This amount has not been set in stone, however.

This is a huge cut down from its initial ambition, which had the IPO reported as looking for as much as USD 3 billion in Hong Kong. Its IPO dreams seemed to have another nail in its coffin when its Q3 2018 earnings report disappointed investors. After its listing application lapsed in March, rival Canaan Inc supposedly also considered US share sales after also dropping Hong Kong IPO plans. Other chipmakers like Ebang International Holdings Inc also let its Hong Kong listing lapse this week for the second time.

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China’s Wealthiest List Boasts 13 Crypto Entrepreneurs, Asia’s Richest Woman

The 20th annual list of China’s wealthiest individuals has been released, showing the rising popularity of cryptocurrency, with 13 crypto entrepreneurs included in this year’s catalogue of riches.

The Hurun China Rich List catalogs anyone in the country with a net worth of more than CNY 2 billion (USD 209 million) and ranks the top 100 richest in China. This edition claims that Jack Ma of multinational conglomerate Alibaba to be China’s wealthiest man, with a net worth of USD 39 billion.

An encouraging statistic for the blockchain industry is the news that Blockchain is officially the fastest growing industry in China. The list cites 14 new players including Zhan Ketuan and Wu Jihan of crypto mining company Bitmain.

Zhan, co-founder of computer chip manufacturer of and software firm Bitmain Technologies was found to top the crypto list and sat in the top 100 with an estimated wealth of CNY 29.5 billion (USD 2.4 billion). Second in wealth to him was Wu with a personal worth of CNY 16.5 billion (USD 2.3 billion).

Other names from the world of cryptocurrency included Binance founder and CEO, ranking 230 on the list with an estimated wealth of CNY 15 billion (USD 2.1 billion), OKCoin exchange founder Star Xu and Zhang Nangeng, founder of hardware manufacturer Canaan Creative.

Hu Dong, founder of BTC mining machine Ebang International Holdings, and Li Xiaolai also made the list, the latter claiming recently he is moving on from blockchain investment.

One interesting development in the breakdown of wealth in the country is the report that women made up 28.7% of those appearing in it; a figure unsurpassed in over 20 years. Yang Huiyan, at the age of 37, became China’s wealthiest woman. Property developer Yang is also the wealthiest woman in Asia with a worth of an estimated USD 26 billion. She once added USD 6 billion to her portfolio in seven days of trading.

The rate at which some of these entrepreneurs are expanding their portfolios at such a rapid rate means that the status as the “country’s richest” is always being challenged.

 

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