Bitmain's IPO application expires; company appoints new CEO

Bitmain, one of the biggest mining chip manufacturers, has seen its initial public offering application expire, the company announced in a blog post. “Bitmain’s listing application to HKex in September 2018 has reached its 6-month expiration date,” the company writes.

While Bitmain says it will restart the listing application work, it does not state when it will take place. However, if Bitmain does not manage to go public, the company might be liable to return as much as $715 million to its investors, CoinDesk writes

The company has also confirmed the two co-founders Micree Zhan and Jihan Wu have stepped down from their co-CEO roles. They, however, still remain Bitmain’s directors and will provide guidance regarding the company’s strategic development. Wang Haichao has officially taken over the CEO position. According to Bitmain, “Haichao not only has extensive experience in the chip industry but also succesfully headed-up multiple departments at Bitmain.”