One more Bitcoin Miner maker is looking to go Public in Hong Kong

One of the biggest bitcoin mining chip maker,Ebang Communication is contemplating to go public on the Hong Kong Stock Exchange (HKEX)
The documents show that the company has filed an application for an IPO(Initial public offering) with the HKEX, on Monday. It is unclear as to what is going to be the valuation or the amount of money to be raised by the Zhejiang-based company, as the document is still in a draft form
As per Reuters, it is indicated that the firm was in talks with advisors since May to go ahead with the move. Ebang as far as speculation goes is looking to raise $1 billion, which, if true will be the biggest IPO till date.
Ebangs filling came just a month after its rival company Canaan Creative submitted an IPO application to HKEX, hinting to raise $1 BILLION.
Additionally, Ebang declared all the niceties and particularities about its business operations
Based on a financial statement included as part of the IPO filing, Ebang raised 925 million yuan ($141 million) in revenue in 2017 alone, marking a 17-time year-on-year growth compared with 2016.
Similarly, the firm said in the document it recorded 380 million yuan (or $60 million) in net profit in 2017, which is 34 times more than that in the year before.
Started in 2010, Ebang Communication initially dealt in manufacturing hardware products for telecommunications. Eventually, the firm started making cryptocurrency mining chips by launching its own Ebit miners in 2016 and competing with giants like the Bitman and Cannan Creative.incidentally it is noteworthy that in 2017 the companies revenue to the tune of 94.6 percent was generated from the sale of bitcoin miners. This is an exorbitant rise when compared with figures in 2015 and 2016, wherein 31 and 42 percent re3venue was generated through the sale of bitcoin miners.
According to the document, Ebang is also in the process of making its own 7nm bitcoin miners. As previously reported by CoinDesk, Japan’s IT giant GMO Internet has already launched the world’s first bitcoin miner equipped with a 7nm chip.