Jianan Yunzhi Plans To Go To The U.s. For Ipo. Has The Glorious Era Of Miner Chips Passed?

Today, Bloomberg quoted sources as saying that Jianan Yunzhi, China's second-largest Bitcoin chip maker, is considering listing in the United States after shelving its listing plan on the Hong Kong Stock Exchange of China.

According to people familiar with the matter, Jianan Yunzhi planned to raise about $1 billion earlier and is currently discussing the possibility of listing on the New York Stock Exchange in the first half of the year. However, the discussions are still at an early stage and it is not clear whether they will be successful.

In May last year, Jianan Yunzhi submitted his prospectus to the Hong Kong Stock Exchange, becoming China's first mining machinery company to go to Hong Kong for an IPO. Subsequently, Bitland and Yibang International submitted their prospectus to the Hong Kong Stock Exchange. However, the IPO routes of the three mining giants were not smooth. By November last year, the website of the Hong Kong Stock Exchange showed that Jianan Yunzhi's Hong Kong IPO application had expired six months after its submission, with a financing target of about $400 million.

It is reported that the Hong Kong Stock Exchange has many doubts about the business model and prospects of Jianan Yuanzhi, and Jianan Yuanzhi can not complete the IPO this year because the Hong Kong Stock Exchange has not updated the listing hearings. The prospects of other Bitcoin miners have also been questioned, and the road to listing has been blocked: in November, investigators on the Hong Kong Stock Exchange stopped the public listing process of Yibang International, which was due to suspected involvement in illegal financial practices; Bitcoin's application has several months to go before it is processed in mainland China, but there is also news that Hong Kong Exchange is reluctant to approve it, and that it is deeply involved in mining revenue. Slipping, mining machine sales falling, layoffs and other distressed situation.

Industry insiders believe that the encrypted currency industry is extremely volatile, and it is difficult to judge whether it can still exist after one or two years. It is doubtful whether it is suitable for listing and sustainable operation. HKEx does not want to be the first exchange to accept the listing of mining machines, let alone the first one with relevant shares closed.

This time, Jianan Yunzhi has broken his dream of entering the capital market for the third time. Before that, Jianan Yunzhi has tried to land A shares and new three boards, but all of them ended in failure.

Since the second half of last year, the boom of mining industry has receded. With the advent of bitter winter, the price of encrypted currency has fallen sharply. The profits of miners are gradually shrinking, and the sales of miners are also facing a tense situation. For those who want to invest, the IPO of miners faces great risks. Many investment institutions have publicly stated that they will not participate in relevant IPOs. After all, the glorious era that belongs to them seems to have passed.