The head of the Hong Kong Stock Exchange considers business Bitmain, Canaan and Ebang unstable

The head of the Hong Kong Stock Exchange (HKEX) believes that the activities of the largest manufacturers of mining equipment unstable for the IPO.

Responding to questions about the listing of leading cryptocompany, Charles Lee Xiahazzy said that for this, their initial business model should be a steel. According to him, even if they earned billions of dollars in one direction, but decided to change the occupation, without showing the previous results, this is an indicator of the unvisability of their main activity.

Although he did not call specific companies, but today HKEX applications for IPO filed: Bitmain Technology, Ebang International Holdings and Canaan Creative. Until now, none of them received approval, although they expect decisions from September, June and May 2018, respectively.

Charles Lee Xiahazia said that studying the claims will adhere to the principle of the adaptability of the market and reflect on whether firms will be able to make a major business to make a profit after the industry becomes adjustable.

According to some data, HKEX does not want to approve the claims for cryptogiums due to the crisis in the virtual currency market and the characteristic high level of risks in this area. Although it is precisely this and forces the company to diversify their activities. Last year, Bitmain reported on the plans for the transition to the artificial intelligence area.

Waiting for the decision of the Hong Kong Stock Exchange, Ebang has already re-presented its primary public proposal project, indicating a significant deterioration in financial results, and Canaan is considering the possibility of holding an IPO in the United States.

Solutions of regulators play an important role in the process of the formation of crypto industry. Therefore, in order to avoid rejecting an application for the launch of Bitcoin-ETF,