Unconfirmed Report: Miner Manufacturer IPO Halts Due to Alleged Illicit Finance Practices

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Investigators have reportedly halted the public listing process of cryptocurrency mining machine manufacturer Ebang International on the Hong Kong Stock Exchange (HKEx), local financial news outlet Sina Finance reported Oct. 14. According to reports, the move was prompted by the firm’s alleged involvement in illicit financial practices.

Ebang International operates in the field of Application-Specific Integrated Circuit (ASIC) chip design and production, telecommunications services, and the development, manufacture and sale of blockchain processors, or miners. In 2017, the company’s market share reportedly was 11 percent in terms of sales revenue, totalling 9.79 billion yuan ($1.4 billion). The annual profit of the company was 385 million yuan ($55.2 million) in 2017.

In June, Ebang filed a listing application with the HKEx,

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