This also means that Jianan Zhizhi has become the first “mineral giant” to officially go to the US IPO among the three major domestic mining machine manufacturers (the other two are Bitland and Yibang International).
According to public information, Jianan Zhizhi is a fabless IC design company that provides advanced semiconductor solutions for complex computing problems. It mainly supplies and sells system products designed for bitcoin mining under the AvalonMiner brand.
Jia Nan's listing of the road can be described as quite bumpy, before he tried various channels to land in the capital market.
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The first is to attempt to land A shares in 2016 through a “backdoor” approach.
In June 2016, Luyitong Electric Co., Ltd., a listed company of the Shenzhen Stock Exchange, issued a notice announcing the plan for major asset restructuring, with a proposed price of 3.06 billion yuan (including cash payment of 1.061 billion yuan and issuing shares of 1.99 billion yuan). A total of 14 shareholders bought all the shares, with a total transaction price of 3.06 billion yuan. After the transaction, it was suspended by the Shenzhen Stock Exchange because of the "backdoor".
Then in August 2017, Jia Nan Yu Zhi once again sought to be listed on the New Third Board. However, the bad luck was that in September of that year, the relevant government departments began to ban all cryptocurrency transactions and ICOs in the country. In the same year, in October and November of that year, Jia Nan Zhizhi received the opinions of the stock transfer company four times in a row, and were asked about the policy environment. The impact and ability of the company to continue to operate. Jia Nan Zhi Zhi finally voluntarily gave up the listing in March of the following year.
In May 2018, Jia Nan’s wisdom returned, and this time he chose the Hong Kong market. On May 15, Jia Nan Yu Zhi officially submitted a prospectus application to the Hong Kong Stock Exchange, intending to be listed on the main board of Hong Kong in the form of red chips, Morgan Stanley, Deutsche Securities, Credit Suisse and CMB International as joint sponsors. Six months later, the official website of the Hong Kong Stock Exchange classified Jia Nan’s listing application as “invalid”, and the road to listing was again disappointing.
According to the prospectus, Jianan Zhizhi's revenues in 2015, 2016 and 2017 were RMB 48 million, RMB 316 million and RMB 1.308 billion respectively; gross profit was RMB 14 million, RMB 132 million and RMB 604 million respectively; The interest rates were 29.1%, 41.7%, and 46.2%, respectively; the after-tax profits reached RMB 200 million, RMB 53 million, and RMB 361 million, respectively.
The prospectus also showed that as of the time, the three founding teams of Jianan Zhizhi held more than 50% of the shares and the distribution was more even: the founder and CEO Zhang Nanyu held 17.60%, and the co-founder and CFO Li Jiaxuan held 17.20%. The founder (mainly responsible for technology) Liu Xiangfu held 17.61%.
On March 11 this year, Jia Nan Zhizhi announced the completion of a new round of financing of hundreds of millions of dollars, with a post-investment valuation of billions of dollars.
In response to the details of the round of unclear financing, Coindesk once again broke the news that this round of financing did not enter new investors, all of which are additional investments for the old shareholders .
In addition to this round of financing in March this year, Jianan Zhizhi’s most recent round of financing was nearly 300 million yuan ($43 million) from Jinjiang Group, Yupu Investment, and Yan Capital in May 2017. Investment, the post-investment valuation is nearly 3.3 billion yuan . In January this year, the "1818 Hurun Greater China Unicorn Index" released by Hurun Research Institute showed that Jianan Zhizhi's valuation was 15 billion yuan.
On June 21 this year, the two other "mineral giants" listed on the same day coincided with the latest developments on the same day. Among them, Bittland was exposed by Bloomberg to resume the IPO plan to go public in the US; and the Hong Kong listing application of Yibang International was officially listed on the invalidation list by the Hong Kong Stock Exchange. According to the news that C Uncle subsequently received, Yibang International has also considered going to the US for listing.
According to Bloomberg's news, Bitland is also expected to formally submit an IPO application in the near future. Who can become the first mining giant in China to go public in the US, whether the capital market will accept this type of enterprise, C Uncle will continue to pay attention.
Edit | C Uncle
Source | This article was written by IPO (ID: ipozaozhidao), the text is for reference only.
Editor's Note: The original title is: The world's second largest bitcoin mining machine manufacturer Jia Nan Zhizhi has submitted a listing application to the SEC secretly.