According to the US Securities and Exchange Commission (SEC) official website, after the first preliminary prospectus was submitted on October 28, mining machine manufacturer Jia Nan Zhizhi updated the second revised preliminary prospectus on November 5. And on November 6th, a registration of registration was also submitted.
Compared with the October 28th version of the prospectus, the proposed maximum fundraising amount is still 400 million US dollars, but in the new consolidated financial statements, the financial situation in the first half of this year will be updated to this year. Financial data for the nine months ended September 2019. The revised prospectus is still a version of the informal prospectus, and the price of the most concerned initial public offering is still not disclosed, and the scale of the issue is not final.
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According to the latest financial data, in the nine months ended September 30, 2019, Jianan's total revenue was 959.4 million yuan (about 134.2 million US dollars). In addition, the net loss for the nine months ended September 30, 2019 was 236.3 million yuan (approximately $33.1 million).
Compared with the data of the first half of this year in the previous financial statements, the income for the six months ended June 30, 2019 was 288.8 million yuan (about 42.1 million US dollars), compared with 6 before June 30, 2018. The total monthly income of 1.947 billion yuan (about 278.7 million US dollars) fell by 85.2%. And for the six months ended June 30, 2019, its net loss was 330.9 million yuan (about 48.2 million US dollars).
It can be seen that in the third quarter of this year alone, Jianan’s total revenue reached 670 million yuan (about 95.9 million US dollars).
The mining machine revenue is the main source of income for Jianan Company . In the six months of 2017, 2018 and June 30, 2019, the sales of Bitcoin mining machines and other Bitcoin mining machine parts and accessories accounted for 99.6%, 99.7% and 99.4% of the total revenue, respectively. According to the latest updated data, in the nine months of 2017, 2018 and September 30, 2019, the share of Bitcoin mining machines in total revenue was 99.6%, 99.7% and 98.3%, respectively. Income still accounts for a large proportion.
The decline in bitcoin prices in 2018 led to a sharp drop in mining machine sales and average selling prices, which directly affected Jianan’s business performance and financial position. According to Blockchain.info, bitcoin prices fell from $14,166 on December 31, 2017 to $3,792 on December 31, 2018. From January 1, 2019 to October 31, 2019, bitcoin prices were up to $12,686.39 and the lowest price was $3,225.30.
In the second quarter, the price of the currency was picking up. In addition, the supply of mining machines was in short supply during the wet season. From the third quarter onwards, the revenue situation has indeed recovered significantly from the first two quarters of this year. However, the former Secretary of the Block Chain Club of Peking University and the founder of Bit Blue Whale, Chen Lei, said in an interview with Caijing.com that the current production capacity of the mining machine is generally determined three to six months ago when the manufacturer’s chip was placed. The response is generally lagging. And because bitcoin prices only began to recover in the second quarter of 2019, Jianan's revenue growth rate generally lags behind the increase in bitcoin prices.
Therefore, although the total revenue in the third quarter exceeded the total revenue of the first two quarters of this year more than twice, but the total revenue of Jianan for the nine months ended September 30, 2019 was 959.4 million yuan (about 134.2 million US dollars). Compared with the total income of 2,247.6 million yuan (about 339.5 million US dollars) for the nine months ended September 30, 2018, it still dropped by about 60.5%.
At present, it is very close to the time when Jianan Zhizhi will officially list the US stocks. Today, there are related people close to Jianan Zhizhi on the financial network. Chain Finance said that in mid-November this year, Jianan Zhizhi has basically been listed.