Ebang filed an application for an IPO with the HKEX

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Ebang Communication, one of the largest bitcoin mining chip makers in China filed an application for an initial public offering with the HKEX.

Ebang’s filing offered fine details on the firm’s business operations.

Based on a financial statement included as part of the IPO filing, Ebang raised 925 million yuan ($141 million) in revenue in 2017 alone, marking a 17x year-on-year growth compared with 2016.

Similarly, the firm said in the document it recorded 380 million yuan (or $60 million) in net profit in 2017, which is 34 times more than that in the year before.

Founded in 2010, Ebang Communication started by manufacturing hardware products for the telecommunication industry. The firm later moved into the cryptocurrency mining business by launching its own Ebit miners in 2016 to compete with Chinese bitcoin mining giant Bitmain and Cannan Creative.

94.6 percent of Ebang’s revenue was generated from the sale of bitcoin miners. Ebang was looking to raise as much as $1 billion, which, if true, could be the largest IPO in the cryptocurrency industry.

image by Ebang

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