In brief: Crypto mining giant Bitmain lets IPO application lapse

• Bitmain Technologies, the world’s biggest producer of cryptocurrency mining chips, has let its application for Hong Kong initial public offering lapse.
• The Beijing-based company was targeting to raise as much as US$3 billion.
• Bitmain is the second crypto hardware firm to face hurdles in pursuing 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.

Source: Bloomberg

In November last year, Canaan, a smaller Bitmain competitor, had let its IPO lapse as well, it was reported.