After six months of inactivity, the Bitmain IPO is set to expire bringing to a close another difficult chapter for the beleaguered cryptocurrency mining behemoth.
Bitmain IPO: Dead on Arrival
The Bitmain Technologies application for an initial public offering (IPO) on the Hong Kong Stock Exchange (HKEX) expires today, Monday (March 25, 2019).
Exactly six months ago, Bitcoinist reported that the company had published its first ever public financial information disclosure as part of its IPO filing.
Reports indicate that regulators at the HKEX remained unconvinced of the company’s business model and thus refused to approve the IPO. Back in 2018, Canaan, one of Bitmain’s competitors was also unable to go forward with its IPO filing on the HKEX.
According to the listing requirements as stated by the HKEX, IPO applications that fail to move to the “hearing stage” within six months, automatically become expired. Though it remains to be seen whether the Bitcoin mining giant will now refile the IPO application.
Refile with the…