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The crypt mining equipment manufacturer Ebang re-elaborated its IPO prospectus with the Hong Kong Stock Exchange (HKEX), claiming to have seen "significant declines" in revenue and gross profit in the third quarter of 2018.
According to the HKEX filing database, Ebang submitted the new draft application on December 20 with the disclosure of its financial information until June 30th of this year, after its first demand for stock exchange sale expired .
The latest Ebang figures reveal that, for the first six months of 2018, 2.1 billion yuan ($ 304 million) of revenue was needed, eight times more than the same period of 2017. The profit of the first This year's semester has increased significantly to $ 135 million. This is 16 times that seen in the first half of 2017.
In the "Material adverse change" section of the new deposit, Ebang indicated that the average monthly sales orders for its bitcoin mining machines in the third quarter of 2018 were declining, stating:
"We recorded significant reductions in revenues and gross profit for the three months ended September 30, 2018 compared to the three months prior to June 30, 2018."
However, the company did not choose to disclose detailed data for the third quarter, when the global cryptographic market began to decline significantly, a factor that affects HKEX in evaluating IPO applications from encryption like Ebang and Bitmain.
On the basis of the current requirements of the HKEX list, the financial period reported by any new applicant "must not have expired for more than six months from the date of the listing document". As such, Ebang was forced to disclose financial numbers until June 30, but was allowed not to disclose his Q3 records at this point.
Nevertheless, a source familiar with the documents told CoinDesk that both Ebang and Bitmain will both have to disclose their Q3 financials to HKEX at the start of 2019 if they wish to move the IPO process to a hearing. of quotation.
While it remains unknown how much Ebang intends to increase, the source told CoinDesk that its planned offering size was "reduced by more than half" from the initial deposit of the company. A Reuters report suggested in May that Ebang was trying to raise up to $ 1 billion.
Ebang first submitted its application to HKEX on 24 June, in which it only disclosed the financial information for the period ended December 31, 2017. This request became inactive almost six months after the initial filing date .
Image of mining machines through Shutterstock
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