Yesterday (June 24), Ebang International, a manufacturer of bitcoin mining hardware, submitted a prospectus for listing in Hong Kong. This is the second miner after Canaan submitted an application for listing on the Hong Kong Stock Exchange in May.

Yesterday (June 24), Ebang International, a manufacturer of bitcoin mining hardware, submitted a prospectus for listing in Hong Kong. This is the second miner after Canaan submitted an application for listing on the Hong Kong Stock Exchange in May.

in addition,

in addition,ProspectusIt shows that Haitong International Capital is the sole sponsor. In terms of financial data, the company's revenue from 2015 to 2017 increased from 92.1 million to 120 million yuan and then increased to nearly 979 million yuan by the end of 2017.

From 2015 to 2017, blockchain business accounted for 31.7%, 42.8%, and 94.6% of total revenue, and gross profit margins were 54.9%, 47.8%, and 53.9%.

In the last three years, Yibang International's annual profits were 24.2 million yuan, 11.1 million yuan and 385 million yuan respectively. The decrease in profit in 2016 was mainly due to the increase in R&D expenditure, the hiring of more R&D personnel and increased investment in the development of new blockchain products.

The total equity is 161 million, 212 million, and 688 million respectively. The increase in 2016 was mainly due to the increase in non-current assets resulting from the acquisition of Hangzhou Dewang. The further increase in 2017 was mainly due to the increase in liquid net assets due to the substantial growth of the blockchain business.

At present, the amount of funds raised has not been disclosed in the prospectus, but in its use of funds, the company stated that in the future, it will invest in the research and development and upgrading of new BPUs, non-encrypted currency blockchain applications and telecommunications product research and development, production facility construction, brand marketing and Overseas business expansion.

Previously, there were media reports that Ebang Technology was seeking opportunities to land in the Hong Kong stock market, with a financing scale of US$1 billion.

The mining machine market dividends brought about by the skyrocketing price of Bitcoin in 2017, as well as the policy dividends given by the state to self-developed chips, have increased the pace of miners entering the capital market. In May 2018, Canaan Zhizhi submitted an IPO to the Hong Kong Stock Exchange, which is expected to hit the first stock in the blockchain; Wu Jihan of Bitmain said in an exclusive interview with the media that Bitmain’s IPO plan was brewing. In June this year, sources It is said that Sequoia Capital intends to lead the IPO pre-sale round of Bitmain, with an amount of about 400 million US dollars.

However, as Ebang International’s risk warning in the prospectus shows, cryptocurrency prices, network transaction fees, difficulty of mining activities, electricity charges, changes in chip component suppliers, and related regulatory environments at home and abroad may all affect its profitability. and sales.

The reality is that the industry is indeed facing the dilemma of being hit by profits. According to the estimates of Bernstein analysts, the average daily mining revenue is only about 37% of the peak of 17 million US dollars in 2017.

A few days ago, Rosenblatt, a Wall Street brokerage, reported that Bitmain and Canaan may cut orders for TSMC and Samsung Electronics due to weak demand for mining machines. Similarly, there are indications that Nvidia may be facing the problem of excess inventory due to underestimating the impact of the decline in mining demand and overestimating game demand.

In response to such situations, Bitmain and Canaan are transforming AI to enhance market confidence, but the word AI has not yet been found in the prospectus of Ebang Technology.

(I am Aloe Vera, a reporter from Odaily. To explore the real blockchain, please add WeChat 1012387983 for breaking news and communication. Please note your name, unit, position and reason.)

(I am Aloe Vera, a reporter from Odaily. To explore the real blockchain, please add WeChat 1012387983 for breaking news and communication. Please note your name, unit, position and reason.)