Bitmain’s filing to list an initial public offering (IPO) on the Hong Kong Stock Exchange (HKEx) has officially expired. This is according to an updated list of now-lapsed applications on the HKEx web page.
The company also acknowledged that its IPO application was now inactive, and went on to reveal the appointment of a new CEO, Mr. Haichao Wang.
Bitmain’s IPO filing published in English and Chinese on Sept. 26th, 2018 was set to imminently reach the end of a six-month validity window, pursuant to HKEx listing rules.
The rules provide a window for a given application to proceed to a closed-door hearing before the exchange’s Listing Committee, which is tasked with giving the final approval or disapproval of the offering. If this fails to happen within this time frame, the listing formally lapses.
In its statement, Bitmain confirmed the expiration, saying that it remains committed to realizing the “huge potential of the cryptocurrency and blockchain industry,” which it noted “remains a relatively young industry which is proving its value.”
“We hope regulatory authorities, media, and the general public can be more inclusive to this young industry. We will restart the listing application work at an appropriate time in the future.”
Bitmain also claimed that undergoing the HKEx listing route has “made the company more transparent and standardized,” adding that the “process of rationalization and optimization” has heightened the company’s focus on the core elements of its mission.
This January Jihan Wu and Micree Zhan Ketuan resigned as co-CEOs but they will remain on as directors of the firm.