Ebang which is the maker of crypto mining equipment has now refilled its draft for IPO prospectus, this refiling with the stock exchange of Hong Kong, which is the Hong Kong Stock Exchange.
It has stated that the company has seen “significant decreases” in the third quarter of the current fiscal year in the revenue as well as the gross profit.
According to the CoinDesk which has referred to the database of HKEX filing, on the 20th of December Ebang has submitted a new draft application in which all the financial information until the 30th of June of the current year has been disclosed.
This was after the lapse of the first application so as to sell the shares on the exchange.
The latest figures of the Ebang revealed that for the first six months of the year 2018, in the revenue it took almost 2.1 billion yuan which is equivalent to $304 million which is about eight times of the revenue of the same period of the year 2017.
The profit for the first half of this year that is up till June has also witnessed an escalation of $135 million. This is about sixteen times of what was seen in H1 of 2017.
Ebang has indicated in the section of “material adverse change” in the new filing that the average of the monthly sale orders for the machines of bitcoin of the company had witnessed a decline in the third quarter of the current fiscal year.
But the company did not reveal the detailed figures for the third quarter. This was the time when the overall market of crypto-currency was experiencing a downfall.
This is the factor of concern when it comes to evaluating the IPO applications for the HKEX.
Source: CoinDesk, Cryptosumer
