Application for the initial public offering (IPO) on the Hong Kong stock exchange (HKEx) China mining company Bitmain will expire today, Monday March 25 if a trading platform do not report back.
Six months ago, Bitmain released a portion of its financial statements in accordance with the requirements of companies wishing to IPO. As previously noted the South China Morning Post HKEx allocates 6 months for the application to be admitted to the closed hearing of the Committee, which shall decide on its further status. If during this period the application before the hearings is not allowed, it is considered invalid.
Earlier it was reported that HKEx is in no hurry to give the green light to appeals from mining companies, doubting the viability of their business models. In November last year, repealed the application of a competitor mining company Bitmain Canaan Creative.
If Bitmain decides to re-refer to the HKEx in accordance with the rules of the exchange, it will have to disclose financial statements for the third quarter of 2018, which the company until recently avoided, presumably because of large losses in this segment.
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