Everyone talking about it today, so I'll post a short article (
Original article in French )
My translation:
Rumors are flooding everywhere around Bitmain, and they are all worrying: after the leaked financial document that announced $ 740 million loss to the company in the third quarter, another rumor was about a layoff plan up to 85 % of the workforce. And this time, it is the head of the company that would threaten to leave the ship, eventually compromising an IPO, already very complicated.
The latest rumor on Bitmain is about the resignation of its CEOs, namely CEO Jihan Wu in person, and his co-leader, Micree Zhan, according to rumors that have spread over the Chinese media.
https://twitter.com/Chaosmos_Tian/status/1078601641505497088Unconfirmed rumor from Odaily - Jihan Wu and Zhan Ketuan are stepping down from Bitmain’s co-CEO position. The successor is from Huawei. I am shorting BCHABC
A "substitute" would even be currently in the position, in a transition period, following these supposed resignations.
These departures are due to disagreements between the two co-leaders on the company's strategy and financial performance in sharp decline.
Bitmain's IPO questioned by the Hong Kong Stock ExchangeAccording to CNN, the Hong Kong Stock Exchange is reluctant towards the IPO of companies in the cryptocurrency field, particularly because of a lack of appropriate rules.
Therefore, the stock market provides this reason (this excuse?) to explain the current slowness to approve any IPO of companies related to cryptos, including the IPO of Bitmain.
Bitmain had announced forcefully this summer, its willingness to be on the Hong Kong Stock Exchange (HKEX). But this now seems seriously questionable, and the decision of the regulators of Hong Kong could be delayed for another six months. And even after that, the wait could still end up on a rejection.
Does the "Buy fear, sell greed" apply to this IPO? We will know in the coming months.
