Bitmain, one of the world’s largest manufacturers of cryptocurrency mining equipment has been forced to shelve plans for their initial public offering (IPO) on the Hong Kong Stock Exchange (HKEX) after the application officially lapsed and is marked on the exchange as “inactive”. In a company blog post, Bitmain acknowledged the inactive IPO application and revealed the appointment of a new CEO, Mr. Haichao Wang.
According to an HKEX Listing Rule “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 rules allow a window for an application to proceed to a closed-door hearing before the exchange’s Listing Committee, which will either approve or disapprove the IPO. If this doesn’t happen within the specified time frame, the listing formally lapses. The last public filing from Bitmain only covers the period ending June 30 2018. They do plan to restart the listing application work at “an appropriate time in the future” but they must provide additional financial records.
Leadership Changes Mean Better Services For Customers
Despite the huge potential of the cryptocurrency and blockchain industry, Bitmain recognises that it is still a relatively young industry proving its value. “We hope regulatory authorities, media, and the general public can be more inclusive to this young industry”.
In the meantime, they say, “the listing process has made the company more transparent and standardized. The process of rationalization and optimization has made our business more focused on the things that are core to our mission”.
This includes a revamp of their staff and they have revealed that Haichao Wang has been appointed as CEO of the company.
“We are confident that through his experience and passion, he will drive better products and services for our customers,” the post states. “Mr. Micree Zhan and Mr. Jihan Wu, the co-founders of Bitmain, will continue to be our directors to guide the company’s strategic development”.