Venture capital firm Sequoia Capital China has invested in Chinese mining giant Bitmain $400 million in a round of pre-IPO, valuing the company at $12 billion reported by the Chinese media, citing its own sources.

Also, according to the Chinese media, Bitmain plans to apply for IPO in Hong Kong in September. The Chinese company expects to achieve year-end market capitalization of $30-40 billion.

The co-founder and head of Bitmain Wu Jihan (Jihan Wu) confirmed that the company is “open” for an IPO, and did not deny the possibility of its conduct in Hong Kong.

The main competitor on the market Bitmain ASIC-miners — Canaan Creative — have already announced plans of carrying out IPO on the Hong Kong stock exchange. The company, controlling approximately 15% of the market bitcoin-miners are reportedly already applied for and expects to attract up to $2 billion Bitmain is in this market share of around 75%, although the plans to oust the Chinese giant has announced a new player in the industry — the Japanese GMO Internet.

We will remind, earlier it was reported that Bitmain has plans to market the chip production artificial intelligence (AI). The company believes that the share of this direction in the operating profit of the company in the next five years, up to 40%.