What was expected to be the largest IPO for cryptocurrency in the world, Bitmain, has currently been postponed. The cryptocurrency mining company filed its IPO with an application at the Hong Kong Stock Exchange. Unfortunately, it has lapsed which has put the process to a halt.
Coin Desk, an HKEK webpage has classified that Bitmain has now become inactive. The Bitmain IPO was filed in September of 2018.
One of the explanations for the IPO being postponed, according to the HKEK is, “the latest financial period reported on by the reporting accountants for a new applicant must not have ended more than six months from the date of the listing documents.” The very last such filing made by Bitmain, however, was in the summer of 2018, a fact that breaks one of the rules of HKEX for public listing.”
One other reason as to why the IPO has received an inactive status and has been delayed is due to the Hong Kong Stock Exchange hesitancy to approve any companies operating in the cryptocurrency space. This relates to the high volatility of the cryptocurrency industry.
There is now no clear information on what is going to happen with Bitmain’s goal of going public. However, the company posted this statement on its website:
“We will restart the listing application work at an appropriate time in the future.”