Yibang International IPO application failed, and the three major mining machine manufacturers failed to go public

June 21, 2019, financial network news: According to the official website of the Hong Kong Stock Exchange, one of the three major bitcoin mining machine manufacturers in China, Yibang International did not submit a prospectus to the Hong Kong Stock Exchange for the second time on December 20, 2018. Subsequent progress is currently shown as a failure state.

HKEx website information

The HKEx filing database shows that the draft application submitted by Yibang International on December 20 disclosed the financial information as of June 30, 2018. The data shows that as of June 30, 2018, the company's revenue exceeded 2.1 billion yuan, with a profit of 932 million yuan, eight times that of the same period in 2017. According to the prospectus, the substantial increase in revenue was mainly attributable to the rising demand for BPU for bitcoin mining, which drove the rapid growth of blockchain business. However, in the third quarter of 2018, the monthly average sales orders for its bitcoin mining machines decreased significantly.

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It is reported that Hangzhou Yibang Jusheng Technology Co., Ltd. is the main body of the company that operates the mining machine business in China. Through the equity penetration, it can be found that its suspected actual controller is Hu Dong, and Hong Kong Yibang Technology Co., Ltd. invested RMB 111.771 million. , 100% holding of Yibang Jusheng.

Sky inspection data

Yibang International’s first listing was suspected of being involved in a 520 million non-sucking case. On June 24, 2018, Yibang International officially submitted a listing application to the Hong Kong Stock Exchange. On July 18, 2018, the P2P platform "Silver Bean Network" announced that the actual controller Li Yonggang lost the connection and the funds could not be redeemed and will stop operating. Yindou.com was investigated on suspicion of illegal fundraising. According to the investigation of the Yindounet case, there was a large amount of capital exchange between Yibang International and Yindou. At the same time, Zhu Moumou, who was involved in the Yindounet, was a shareholder of Yibang International’s parent company.

According to media reports, the 520 million funds are suspected to be used to falsely increase the profits of Yibang International to help it go public; or Yindou.com invested in cryptocurrency and purchased minerals from Yibang International, but failed to invest.

In this regard, Yibang International denied it. Wang Hongyong, deputy general manager of Yibang International, publicly stated that Cui Hongwei’s $144.9 million was used to purchase cloud computing servers from Yibang International. In March 2018, Cui Hongwei once again entered a deposit of 389 million yuan, but did not know the total amount of orders and specific matters. At the same time, Wang Hongyong admitted that Zhu Xiaolin is a billionaire shareholder. According to the official report of the Haidian Public Security Bureau, Zhu Xiaolin is currently a suspect in the case of Yindou.com.

On May 24 this year, Yibang released the Wingbit E12 series Bitcoin mining machine. The mining machine adopts 10nm chip, which lags behind the new model S17 (7nm) and the bit micro-new model M20S in the chip manufacturing process. 8nm). Estimated delivery time on August 20, only 2 months from the end of the 2019 flood season.

Author: Tan Yao

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