Chinese contractor miners manufacturer Ebang communication files for IPO in Hong Kong

Abang Communications, one of the largest bitcoin mining hardware manufacturers in China, was filed on Monday for the initial public offering (IPO) with the Hong Kong Stock Exchange (HKX). According to the International Financing Review (IFR), the firm located in Zhejiang has started working with consultants on the Hong Kong Float. It is probably demanding an increase of $ 1 billion to increase development, but is still unclear about the estimation. Founded in 2010, Abang Communications began with the creation of hardware products for the telecommunications industry. In 2016, the firm went to Cryptocurrency Mining Business, which was competing by launching its own Abeat miners with Chinese bitcoin mining huge Bistamen and Canon Creative. In January 2017, the company saw 600 times its annual net income of 410 million yuan ($ 62 million) in its unwanted results.