This year's HKEx is very busy, and technology companies are getting listed, so that sometimes the HKEx's embarrassment is not enough. Only a few of them can be together for a festive celebration. However, for companies that come to the market, this is Just a small episode on the way, can not produce the slightest impact, but added a bit of lively atmosphere.
"China Times" reporter noted that under the Bitcoin fire, several major domestic mining giants, such as Bitian, Jianan, and Yibang International, do not seem to want to miss this rare scene, which has recently accelerated. The pace of listing, frequently rushing between investment banks and law firms, busy dealing with internal and external relations.
Preparing for the listing
It is reported that on August 7, Bitcoin was guaranteed by Tencent and Softbank, and raised another US$1 billion. The company's valuation reached US$15 billion. The financing was also considered by the industry to be the last for the listing. ready.
Some investors said that Bitcoin plans to submit an initial listing application form to the Hong Kong Stock Exchange on August 30 and complete the listing by the end of 2018. However, the reporter repeatedly asked Bitco to verify the IPO, but the other party kept silent.
The data shows that, prior to this, Bitcoin completed two rounds of financing: In September 2017, Bitland acquired Sequoia Capital, IDG Capital and other $50 million in Series A investment; in June this year, it received 300 million to 400 million yuan from Sequoia China. The US dollar B round of investment, valued at 12 billion US dollars.
In fact, in addition to Bitcoin's full impact on the listing, the other two domestic mining machine manufacturers Jianan Zhizhi, Yibang International has long revealed its desire for capital markets.
In 2016, Jia Nan Zhizhi wanted to use the valuation of 3.06 billion yuan to 'backdoor' Lu Yitong, but the regulators suspected that the valuation of the transaction was too high, so that the final listing plan could not be completed. In 2017, Jia Nan Zhizhi turned The application for listing the new three board, but ultimately did not see the following. In May 2018, Jia Nan Zhizhi submitted an IPO application to the Hong Kong Stock Exchange, striving to become the first listed company in Hong Kong stocks to focus on the blockchain business. Previously, there was a forecast that Jianan Zhizhi's net profit in 2018 may exceed 3 billion, and the compound annual growth rate is close to 10 times.
After three months of delisting from the New Third Board, Yibang International disclosed the news of submitting the prospectus to the Hong Kong Stock Exchange in late June. The prospectus shows that Yibang International earned about 380 million yuan last year, including blockchain business. It grew by 1690.3% year-on-year and became the first major business.
Ding Qiong, an analyst at Guosheng Securities, analyzed that the bitcoin mining machine industry has a high market concentration. The top market share ranks the majority of the market share. The industry competition pattern is an oligopoly. It is not ruled out that the leading enterprises will be listed in the future. Continue to consolidate competitive advantage and maintain the market oligopoly.
Increased competition brings anxiety
Mining has always been the upstream link of the blockchain industry chain, and it is profitable. Mining machine production is a profiteering industry. Some investment institutions predict that after the listing of Bitcoin, the expected valuation is more than 30 billion US dollars, or will reach 350. Billion dollars. And investment bankers believe that the valuation of Jianan Yuzhi after listing is expected to hit 100 billion yuan. Even though Yibang International is slightly inferior, the market still gives a valuation of nearly 20 billion.
Although the three companies have absolute market advantages, some insiders have told reporters that the current days of these miners are not good, 'just like sitting in the crater', it is difficult to get up and down. Especially in the face of product iterations. And the pressure of the business ceiling, had to make all the stops.
It is understood that they are currently racing 7nm ASIC. The reporter noted that there was news in early June that Jianan’s 7nm special application chip (ASIC) in TSMC will be mass-produced in July, with a progress ratio. Bittland is still fast. After August 8th, there are merchants posting news on the Internet. The Ant S10 mining machine of Bitcoin 7nm chip, which is manufactured by Foxconn, is about to be released. Now it can accept reservations, and the computing power is more than twice that of ant S9. In the latter part of the billion state international is also in the cracks to survive, want to share a piece of ASIC market.
The founder of a blockchain company pointed out that the current mining machine chip competition has entered the 7nm process level, the investment is huge, and hundreds of new companies have joined the competition. The gross profit margin of the entire mining machine industry chain has dropped, and it is estimated that it will soon drop to Less than 30%. Therefore, one reason why mining giants are now seeking to go public is to plan ahead for money.
In addition, the transformation and development has also become a breakthrough battle for major mining companies. The reporter noted that in order to achieve sustainable development and enhance the public image, the transformation of mining machine operators to enter the AI chip, but the AI chip The market is facing fierce competition with the original market giants.
Lost faith in digital currency
As of 18:00 on August 8, Bitcoin closed at $6,837. In addition, the reporter noted that the price of cryptocurrencies such as Bitcoin rose sharply at the end of last year, but this year is far from the last year, with the highest level of attention. Bitcoin, the price has fallen to around $10,000 in May, and it has fallen below $6,000 at the end of June. Although there was a certain recovery at the end of July, it returned to more than $8,000, but the recent bitcoin price has started again. 4. The market is increasingly worried about the continued decline in its future prices.
In the view of Goldman Sachs analysts, cryptocurrencies such as Bitcoin do not have the three traditional functions of currency, they expect the price of cryptocurrency to continue to fall in the future.
According to the cointelegraph, the US Securities and Exchange Commission (SEC) delayed the decision to list and trade Bitcoin exchange-traded funds (ETFs) until the news came out in September, which also triggered a plunging cryptocurrency market.
CITIC Securities believes that although the mining machine is an upstream company, as the cryptocurrency such as Bitcoin continues to fluctuate significantly, it will also have a series of chain reactions, the mining market is the first to bear the brunt.
Faced with the constant test of the market, it also triggered the dispute of the mining machine traders. Some investors have suggested that the mining machine dealers love the cryptocurrency more, or do they like the French currency?
Obviously, the answer is self-evident. As a producer of cryptocurrency, miners are now relying on the capital market to realize cash. Although they are all making money in advocating digital currency, they use the equity market to complete capital withdrawal. .