The company will restart the listing application work at an appropriate time in the future, according to the statement. Bitmain also named Haichao Wang as its new chief executive officer, while co-founders Micree Zhan and Jihan Wu will remain directors of the company, Tuesday’s statement shows.
Bitmain is the second crypto hardware firm to face hurdles in pursing a listing in Hong Kong as a fall in the price of Bitcoin makes it more difficult for the industry to attract stock-market investors. The city’s stock exchange and market regulators consider IPOs by cryptocurrency firms to be “premature” until a proper regulatory framework is in place, the South China Morning Post reported in December, citing unidentified people.
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