Cryptocurrency Miner Maker Ebang Lets Its Hong Kong IPO Lapse, Same Fate as Bitmain and Canaan

Ebang, or producer of Ebit miner, the leading Chinese bitcoin miner manufacturer, let its application for a Hong Kong initial public offering (IPO) lapse on Friday June 21. So far, the hopes for the big three crypto mining giants in the country to go public have been shattered.

The Hangzhou-based company is the third largest cryptocurrency mining equipment maker in the world after Bitmain and Canaan, with a global market share of 9.2% in terms of sales revenue and 10.9% in terms of computing power sold, according to its prospectus.

Ebang’s first attempt to go public in Hong Kong was made on June 24, 2018, and the firm updated its IPO application six months later. A s the six-month lifespan expired, Ebang chose to let its application lapse this time, the Hong Kong Stock Exchange’s website showed.

The reputation of cryptocurrencies has been hit hard for the fear of price volatility and possible uses for money laundering along with infamous big hacks and infrastructure failures, which is considered as the major obstacle for their IPO.

Bitmain’s IPO suffered the same fate as its application expired on March 25. Prior to them, Canaan, another leading Chinese bitcoin mining equipment maker, also the first of the trio to submit its Hong Kong IPO application, let its application lapse last November.

The big three’s IPO bids, though made in 2018 when the crypto market remained sluggish throughout the year, were seen as a watershed event as it marked the first time major crypto startups seeking to go public, the failure of Ebang’s IPO marks the trio’s dream to go public are dim.

While it seems to have little impact on their morale in the crypto space, with the big three competing to roll out their next-gen mining machines in the first half year. In February, Ebang said it planned to produce at least 400,000 units of crypto mining machines this year, Canaan is reportedly considering a U.S. IPO, and Bitmain, with the establishment of BitDeer and Matrix, has been optimizing the company’s structure.

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