Crypto chip maker plans IPO

CHINA BITMAIN Technologies, the world’s biggest producer of cryptocurrency mining chips, is planning a Hong Kong initial public offering (IPO) that could raise as much as $3 billion (R42.67bn), people with knowledge of the matter said. The Beijing-based company, whose 32-year-old co-founder Jihan Wu is one of the most powerful players in crypto, plans to file a listing application with the Hong Kong stock exchange as early as September, according to the people. Bitmain closed a private funding round in the past few weeks, valuing the company at about $15bn, one of the people said. If the IPO proceeds as planned, it would represent a major test of investor appetite for digitalcurrency companies after the market value of Bitcoin and its peers’ recent tumble. – Bloomberg GERMANY