According to experts, mining giant Bitmain can cause serious problems in connection with the upcoming IPO on the Hong Kong stock exchange.
Problems associated with the component parts of the assets of the company and the depreciation of Bitcoin Cash. Since listing on the stock exchange the company should provide full information on existing assets, it became clear that the company’s holdings in Bitcoins dropped to 22082 BTC with earlier reports 71560 BTC two years ago. During this period of time the company increased its assets in Bitcoin Cash, which amounted to more than 1 million BCH.
Some experts have estimated that such a reckless policy of investment has already brought the company a loss of more than $0.5 billion, subject to significant price fluctuations in the markets BCH in recent months. Earlier, the Chinese manufacturer was trying not to disclose information about their financial condition on the results of II quarter of this year, which allowed some members of the crypto community to assume that these facts with the lack of transparency in reporting Bitmain can greatly harm the stock exchange during the IPO of the future.
Will have any problems with BCH impact on IPO
Prior to this period mainly covered only the success of Asian companies. After pre-IPO the largest manufacturer of mining equipment managed to reach the capitalization of $15 billion in early August.
At this stage, the number of investors, the company noted Japanese Softbank and China’s largest IT company Tencent, which is the developer of the most popular among Chinese users of WeChat platform with 1 billion users, which is far ahead in terms of capitalization American network Facebook.
The month of September is planned to hold the IPO, the company placed its shares on the Hong Kong stock exchange. Bitmain hopes to attract about $30 billion of investment funds.
Earlier it was reported about getting $1 billion profit the company in I quarter of this year. After the previous round of funding series B, the company’s value rose up to $12 billion.
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Tags: Cash Bitmain Bitcoin IPO