Bitmain’s IPO faces fresh claims that it is unlikely to launch under current regulatory conditions in Hong Kong.
Hong Kong stock market regulator is reportedly reluctant to allow Bitcoin mining equipment manufacturer Bitmain to conduct an initial public offering (IPO) in the city. Local English-language newspaper South China Morning Post (SCMP) made this claim in an article published Dec. 19, with reference to anonymous sources.
Citing two “sources familiar with the matter,” SCMP poured more cold water on the plans of mining giant Bitmain to go public, just a day after the Hong Kong Stock Exchange (HKEX) told Cointelegraph that any hesitation on part of the company was “rumors.”
According to the publication’s sources, Hong Kong’s stock market regulator thinks it is “premature for any cryptocurrency trading platform – or business associated with the industry – to raise funds through an IPO in Hong Kong before the proper regulatory framework is in place.”
As a result, SCMP suggests, current conditions “could be an insurmountable hurdle” for Bitmain and other cryptocurrency companies planning to launch an IPO.
Controversy has surrounded the mining giant’s IPO plans ever since rumors about them leaked into the community earlier this year.
Various factors — such as alleged poor sales — have already contributed to doubts about the likelihood that the IPO will be successful.
HKEX meanwhile repeated its refusal to comment on the Bitmain case when queried by SCMP.
Source: Cointelegraph
According to a recent survey by Fidelity Digital Assets, institutional investors, including US pension plans,…
Leading international cross border bank, Standard Chartered has predicted steep price declines for Bitcoin, foreseeing…
The United States Spot Bitcoin ETFS market is bleeding, with reports unveiling outflows exceeding $500…
On-chain data recently showed that Ripple carried out its monthly escrow unlock for May. As…
In a significant legal development for the crypto industry, Changpeng Zhao, widely known as CZ,…
In the face of a general market decline and pessimism, Captain Faibik, a cryptocurrency expert…