Bitmain Lowers Profit Figures in IPO Filing

© Reuters.   Bitmain Lowers Profit Figures in IPO Filing © Reuters. Bitmain Lowers Profit Figures in IPO Filing

The profits of the China-based Bitmain Technologies group may be substantially lower than the initial estimates provided in the documents related to early-stage funding rounds, The Financial Times reports.

The upcoming IPO

Bitmain, the world’s largest manufacturer of cryptocurrency mining equipment, applied for an initial public offering on the Hong Kong Stock Exchange ( HKEX) in September 2018, with the stated aim of raising as much as $18 billion. However, 2017 net profit figures provided by the company ahead of different rounds of financing differ substantially with the apparent downward trend.

The 2017 net profit figure was $1.25 billion in the documents prepared a…

This article appeared first on Cryptovest

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