Three Chinese bitcoin mining equipment makers plan to launch initial public offerings in Hong Kong aimed at raising billions of dollars, despite plunging demand for their products, Reuters reports.
Bitmain, Canaan Inc and Ebang International all plan to list in Hong Long in the coming months. Ebang is hoping to raise $1 billion, while Ebang is targeting at least $400 million, sources told Reuters.
However, analysts doubt how attractive the listings will prove given the steep decline in the price of bitcoin this year, which has led to a fall in demand for bitcoin mining equipment.
Nvidia Corp, a chipmaker that also sells specialty chips to cryptocurrency miners, reported that revenue from its crypto chips came to just $18 million in the second quarter, less than one-fifth of the amount analysts were predicting.