Bitmain Says Now-Lapsed IPO Made Firm More Transparent, Reveals Appointment of New CEO
Chinese crypto mining titan Bitmain’s filing to list an initial public offering (IPO) on the Hong Kong Stock Exchange (HKEx) has officially expired, according to an updated list of now-lapsed applications on the HKEx website on March 26.
As reported yesterday, Bitmain’s IPO filing – published in English and Chinese on Sept. 26, 2018 – was set to imminently reach the end of a six-month validity window, pursuant to HKEx listing rules.
These rules provide a window for a given application to proceed to a closed-door hearing before the exchange’s Listing Committee, which is tasked with giving the final approval or disapproval of the offering. Should this fail to happen within this time frame, the listing formally lapses.
In its statement, Bitmain confirmed the expiration, emphasizing that it remains committed to realizing the “huge potential of the cryptocurrency and blockchain industry,” which it noted “remains a relatively young industry which is proving its value.”
The statement added:
“We hope regulatory authorities, media, and the general public can be more inclusive to this young industry. We will restart the listing application work at an appropriate time in the future.”
At the same time, Bitmain claimed that undergoing the HKEx listing route has “made the company more transparent and standardized,” adding that the “process of rationalization and optimization” has heightened the company’s focus on the core elements of its mission.
The company outlines the range of measures it has taken to streamline and rationalize its operations, revealing the appointment of Mr. Wang as CEO, who is reportedly a veteran of the chip manufacturing industry and has already successfully headed several units within Bitmain.
As reported, this January Jihan Wu and Micree Zhan Ketuan had stepped aside as co-CEOs: today’s post confirms they will remain on as directors of the firm.
The post also alludes to the numerous contractions Bitmain has this year made to its global business – along with cuts to its workforce – noting that “it was a difficult but necessary decision as we continue to build a long-term, sustainable and scalable business.”
As part of its strategy to weather the market downturn, Bitmain outlines that it has established “clear business divisions for mining hardware, AI, mining farms and mining pools,” and “ integrated the resource lines for chip design, hardware and software to provide more effective support for our key business lines and to allocate premium resources to our major and key projects.”
As previously reported, the extensive earnings disclosures that Bitmain submitted in line with the IPO listing requirements had revealed the firm was shouldering hefty losses amid the bear market. Financial, legal, and regulatory difficulties appeared likely to imperil its IPO application, as a Cointelegraph analysis outlined this January.
- Source: First Appeared Here
- Published Time: 2019-03-26 08:09:00
The views and opinions expressed in this article Bitmain Says Now-Lapsed IPO Made Firm More Transparent, Reveals Appointment of New CEO do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research. In rounding off this piece Bitmain Says Now-Lapsed IPO Made Firm More Transparent, Reveals Appointment of New CEO, here’re the Top prominent words: Appointment Of New Ceo. Firm More Transparent. Firm More Transparent Reveals. Firm More Transparent Reveals Appointment. Ipo Application. Reveals Appointment. Reveals Appointment Of New Ceo. Transparent Reveals. Transparent Reveals Appointment.
Aren’t You Curious How’s Your Favorite Cryptocurrency Performing Today on April 18, 2021?
Check out 48coins price analysis category on 48coins. Explore price predictions from all industry experts. Select your favorite cryptocurrency for more data, such as crypto exchanges, historical data, charts, FIAT converter, social hype and much more!
|#||Coin||Price||Price Graph (7D)|