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Data-mining giant Palantir Technologies is weighing an initial public offering likely to be among the largest in recent years.
WSJ.com: US Business
In a country with no opinion polls, campaigns or independent mass media, a series of meetings on reforming Cuba’s constitution has spawned a highly unusual debate on the island’s political system and values.
Google exposed the private data of hundreds of thousands of users of the Google+ social network, though it didn’t find evidence of misuse. The company opted not to disclose the issue this past spring, in part because of fears doing so would draw regulatory scrutiny.
WSJ.com: US Business
The China-based mining manufacturer Bitmain Technologies has filed its initial public offering (IPO) prospectus in order to gain approval to be listed on the Hong Kong Stock Exchange.
Bitmain Officially Files for IPO Status in Hong Kong
The large mining firm Bitmain has officially initiated its attempt to be listed on the Hong Kong Stock Exchange (HKEX) with its multi-billion dollar initial public offering (IPO) bid this week. The application states that Bitmain Technologies Holding Company (比特大陸科技控股公司), a limited liability firm incorporated in the Cayman Islands is applying to be listed on HKEX. According to reports and leaked documents the suggested IPO could be around $ 15-18 billion with the listing possibly launching in Q1 of 2019.
The official IPO prospectus details the mining giant’s underwriters as well which include KPMG, Maples and Calder, Frost & Sullivan, and the China International Capital Corporation Hong Kong Securities Limited. Of course, the Bitmain IPO document says it is incomplete because most of the hard numbers have been redacted, and are also subject to change. In the prospectus overview, Bitmain explains they are “China’s second largest and among the world’s top ten fabless IC design companies in terms of revenue in 2017, according to Frost & Sullivan.”
The Beijing-based bitcoin firm adds:
We focus on the design of ASIC chips specialized in cryptocurrency mining and AI applications, and we are the fourth largest global fabless ASIC chip design company in terms of revenue in 2017, according to Frost & Sullivan.
Unicorn Bitcoin Company Bitmain Experiences Exponential Growth Since Its Inception
In the filing, Bitmain says they have experienced “exponential growth” since they started, and revenue increased from “US$ 137.3 million in 2015 to $ 2.5 billion in 2017.” The prospectus notes that Bitmain pulled in a staggering $ 1.2 billion in profit in 2017. The firm also details that profits have continued during Q1 and Q2 of 2018 as well. “Our adjusted EBITDA increased from $ 101.8 million for the first six months of 2017 to $ 1.2 billion for the first six months of 2018,” Bitmain claims. The Chinese firm also gives a few details on some of the investments Bitmain has made this year like the recent funding of Circle Financial, and Opera Limited.
The company says they believe they have shown great strength over the years as a blockchain and mining business that sets them apart from other competitors. Bitmain says they have pioneered the ASIC chip industry in a “thriving blockchain ecosystem,” alongside a “close partnership with leading supply chain partners.” The IPO filing also follows last weekend’s announcement when the firm’s CEO Jihan Wu reported that Bitmain’s next-generation ASIC BM1391 7nm Finfet chip will be mass produced soon. Prior reports also reveal two other large mining companies Ebang Communication and Canaan Creative are also looking to go public with IPOs as well.
What do you think about Bitmain’s bid to go public in Hong Kong? Let us know your thoughts in the comment section below.
Images via Shutterstock, Pixabay, Bitmain, and Antpool.
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The post Bitmain Bids for Public Listing on the Hong Kong Stock Exchange appeared first on Bitcoin News.
Give us your tired, your poor, your huddled masses yearning to breathe free—well, maybe not your huddled masses if they’re poor, under a new policy being considered by the Trump administration that would deny green cards to immigrants on public assistance. As CNN reports, the Department of Homeland Security…
House Intelligence Committee Chairman Devin Nunes said Sunday that the transcripts and documents from witnesses from the chamber’s now-concluded Russia investigation need to be made public ahead of November’s midterm elections.
Bank executives rarely get punished for their misdeeds, leading to many people distrusting the entire banking system as plagued with widespread corruption. But once in a while someone has to bite the bullet. Recently, public anger has forced a CFO of a major bank to quit after a huge money laundering affair came to light.
CFO Leaves ING
ING Group (EPA:INGA), the Dutch multinational banking corporation, has announced on Tuesday that Koos Timmermans will step down from his position as chief financial officer and member of the executive board and will leave the company. The bank admitted that his resignation follows the announcement on September 4 about a settlement regarding shortcomings to prevent financial economic crime at ING Netherlands. During the investigated period (2010-2016) Timmermans was a member of the management board and for several years responsible for ING Netherlands.
“We deeply regret the shortcomings found and take this matter very seriously,” said Hans Wijers, chairman of the Supervisory Board of ING. “Given the seriousness of the matter and the many reactions among stakeholders since the announcement and in the interest of the bank, we came to the conclusion it is appropriate that responsibility is taken at Executive Board level. We have a serious task ahead of us and the Executive Board is fully committed to completing the various initiatives we have started at ING Netherlands to further strengthen our handling of compliance risks.”
€775 Million Fine
Last week ING agreed to pay a fine of €675 million and €100 million for disgorgement as part of a settlement agreement with the Dutch Public Prosecution Service, following investigations regarding money laundering and corrupt practices. However, the bank claimed at the time that, the “identified shortcomings that occurred in the period investigated are not attributable to some individual persons but rather collective shortcomings at all responsible management levels.”
This position was only reversed after public anger swelled in the Netherlands, resulting in CFO Timmermans losing his position. Prime Minister Mark Rutte was the most senior figure to voice his displeasure and the Dutch Finance Minister, Wopke Hoekstra, summoned Wijers to The Hague, reportedly stating the affair had “shaken public faith in the banking sector yet again”. Additionally, shareholder interest group VEB asked for an examination of CEO Ralph Hamers’ part in the matter and its president, Paul Koster, suggested that Timmermans was just a “sacrificial victim”. Adding that, “For outsiders…this has the appearance of being about protecting Hamers.”
Should the public be more angry about banks facilitating money laundering? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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Aretha Franklin’s casket just arrived for a public viewing in Detroit — where the Queen of Soul will lie in state for a couple of days — and massive lines are already starting to form. Crowds swarmed and lines stretched around the block of the…
As his team hustled to put form to his idea, lining up investors willing to put up tens of billions of dollars. Mr. Musk was having second thoughts.
WSJ.com: US Business