One of China’s biggest makers of bitcoin mining chip makers looks to go public on the Hong Kong Stock Exchange (HKEX).
Ebang Communication filed an application with the HKEX for an initial public offering (IPO) on Monday, public documents show. It is currently unclear how much the Zhejiang-based company aims to raise.
The application confirmed reports from Reuters this past May that revealed the firm was in talks with financial advisors for this move. According to the Reuters report, Ebang was looking to raise as much as $1 Billion. If this is true, this is possibly the largest IPO in the history of the cryptocurrency industry.
The firms IPO application comes a month after industry rival Canaan Creative submitted its own IPO application with the HKEX, which is also reportedly attempting to raise $1 Billion.
Ebang’s filing also reveals details on the firm’s business operations.
Ebang raised $141 Million in revenue in 2017, based on a financial statement included as part of their IPO application.
The company also saw a $60 Million profit in 2017, 34 times more than the previous year.
Ebang Communication was founded in 2010 and started off making hardware for the telecommunication industry. The firm later moved into the cryptocurrency business, launching its line of Ebit Miners in 2016 to compete with Chinese mining titans Bitmain and Cannan Creative.
The financial document released as part of the IPO filing reveals that in 2017, 94 percent of Ebang’s revenue came from sales of bitcoin miners. Thar number also grew significantly from 31 and 42 percent back in 2015 and 2016, respectively.
The document also reveals that Ebang is in the process of developing 7nm bitcoin miners. Japanese IT giant GMO Internet recently launched the first bitcoin miner equipped with a 7nm chip last June 5.