Quote from: https://www.ccn.com/bimains-ipo-application-in-doubt-as-hong-kong-calls-crypto-industry-immature/
Bimain’s IPO Application in Doubt as Hong Kong Calls Crypto Industry ‘Immature’
Bitmain, the largest manufacturer of Bitcoin mining equipment, is experiencing something of a rough patch, as Hong Kong’s stock market overseers might be reluctant to approve the initial public offering (IPO) application of the company, given their stated concerns about the lack of a proper regulatory framework that can govern the cryptocurrency and blockchain industry.
Per a report from the South China Morning Post, the Hong Kong Exchanges and Clearing Limited (HKEX), might not give their blessings to Bitmain, as well as other DLT-based firms, to launch an IPO, arguing that the blockchain industry in the country is still “immature.”
According to public listing rules in Hong Kong, there would be a closed-door hearing meeting with the Listing Committee, which gives the final approval or rejection within six months of filing for an IPO. A listing can lapse if the applicant fails to hear from the Committee within the six months period.
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Bitmain is estimated to have about a 67% share in the market for Bitcoin mining equipment, and the company generated about 60% of the industry’s computing power. Canaan Creative, another manufacturer of Bitcoin mining hardware, also filed an application in June to list shares in the Hong Kong market. However, the manufacturer’s $400 million IPO application lapsed in November.
If it does not fall through, Bitmain’s IPO would likely set a record for a cryptocurrency IPO. However, it would seem that, considering the volatile status of the crypto market and the lack of a robust regulatory framework, that may not happen anytime soon.
source:https://www.ccn.com/bimains-ipo-application-in-doubt-as-hong-kong-calls-crypto-industry-immature/
If Bitmain IPO would certainly be good for the whole ecosystem, as it would probably call attention of institutional money (all those bankers scum). But I believe they still have a long road ahead, filling all bureaucratic obligations and waiting for proper regulation.
A Bitmain IPO would also be a nice way for traditional investors get exposed to Bitcoin risk/success without owning any bitcoin, but owing shares of a company that operates with it (and would certainly makea huge amount of money if BTC moons and/or get more adoption).