In line with a recent news published by a native source SCMP [South China Morning Post], the head of the HKEX [Hong Kong Stock Exchange] has addressed several concerns regarding IPO [initial public offering] listings amid confusion over Bitcoin mining giant ‘Bitmain’s application’.
Speaking at the ongoing WEF [World Economic Forum] in Davos, Switzerland, HKEX chief operating officer named ‘Charles Li Xiaojia’ aforesaid that it was vital initial coin offering candidates were consistent regarding their business offerings.
“If an organization made billions of money through Business A, however suddenly aforesaid it’ll do Business B without showing any performance, or aforesaid Business B is better, then I don’t suppose the Business A featured featured in their application will be sustainable,” the SCMP quoted him as stated. Xiaojia further added:
“Besides, if regulators were hands off on Business A within the past, however can regulate it in the future, would you be able to continue the business and still make some cash from it?”
Xiaojia didn’t added any comment on Bitmain specifically, whereas journalists had mentioned the corporate by name when asking for clarification.
Having created the bulk of its revenue from mining hardware sales within the 1st half of last year, Bitmain has under-went reported layoffs and lawsuits, as the downtrend in Bitcoin [BTC] value made mining significantly less profitable. Bitmain conjointly declared its plans future plans earlier in May 2018 to move towards the realm of AI [Artificial Intelligence] against the background of Chinese scrutiny of the crypto business.
Bitmain had ‘planned‘ to conduct an initial coin offering [IPO] in Hong Kong throughout the latter half of 2018. After monetary performance figures advised the corporate was in trouble, however, rumors began emerging that regulators were conjointly not ready to let a cryptocurrency initial coin offering pass.
Another renowned mining entity named ‘Canaan Creative’, let similar plans lapse in Nov. in Hong Kong, however has since aforesaid that it’s trying to complete the process in New York.