Bitmain seeking U.S. IPO with confidential SEC filing

According to a report from local publication Tencent News, mining hardware manufacturer Bitmain has confidentially filed for an initial public offering (IPO) in the U.S. The company had previously filed to go public on the Hong Kong Stock Exchange (HKSE) but its application lapsed in March 2019. By filing confidentially, Bitmain will have a chance to address questions from the SEC before filing an F1, which allows foreign companies to make public offerings in the U.S.

Why it matters:

• Bitmain's rival Canaan filed for a Nasdaq offering earlier this week. Canaan, which had also attempted to go public in the past, reported a loss of $45.8 million on net revenues of $42.1 million for the six-month period ended June 30, 2019.
• The Bitmain filing was done while co-founder and former CEO Micree Zhan Ketuan was still in control of the firm. On Tuesday Zhan's co-founder Jihan Wu took back control, reportedly banning Zhan from the offices and forbidding employees from communicating with him.

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