Bitcoin mining machine company Yibang international is listed on NASDAQ tonight with the stock code of "Ebon" and the issuing price of Yibang international is $5.23. Yibang international raised more than US $100 million this time, with a pre issuance valuation of US $585 million and a post issuance valuation of US $685 million. This is another bitcoin mining machine enterprise listed overseas after Jianan technology.
Hu Dong, CEO of Yibang international, said that considering the characteristics of the blockchain industry, choosing a capital environment like NASDAQ in the United States would be more suitable for the company's development.
"For Yibang international, the positioning is not just the concept of bitcoin miner, but an ecosystem, including upstream and downstream. Listing will greatly enhance the brand of Yibang international and help attract outstanding talents."
Last year's revenue was $109 million
Yibang International's revenue in 2019 was US $109 million, compared with us $319 million in the same period of 2018; Yibang international lost US $41.07 million in 2019, compared with a net loss of US $11.81 million in the same period of last year.
Revenue rose 6.1% from $6 million a year earlier to $6.4 million in the first quarter of 2020.
In the first quarter of 2020, Yibang international had a net loss of US $2.5 million, compared with us $0.6 million in the same period of last year. The reason for the increase of the loss was that the return of local non recurring tax decreased significantly.
It's also a helpless move for Yibang international to move to the US stock market. It's no wonder that Yibang international failed to rush to the Hong Kong Stock Exchange twice before. Bitcontinental and Jianan technology both failed to rush to the Hong Kong stock exchange.
Hu Dong said, Yi Bang International all the way to the listing, is also not easy to do, Yi Bang International in 2015 on the new three boards, but the new three boards liquidity is very poor, later to go to Hong Kong stocks, is also experienced setbacks.
Speaking of the listing, Hu Dong said that investors are very recognized to Yibang International, but also considering the company's entire team, Yibang International this team down for ten years, has not changed, quite not easy.
"Investors' recognition of Yibang international is also an encouragement to the team. Yibang International's team should do a good job, and the whole industry also hopes that we can do a good job."
Hu Dong used to be a university teacher
The chairman and CEO of the board of directors of Yibang international are Hu Dong, and the directors and vice presidents are Peng Chunjuan and Wang Sufeng.
Born in December 1973, Hu Dong has permanent residency in Australia. In 1998, he graduated from Zhejiang University of technology with a bachelor's degree in industrial automation; in 2008, he obtained a master's degree in Business Administration from Zhejiang University.
Hu Dong, a former teacher of Zhejiang University of technology, has been chairman of Yibang international since January 2010.
When Hu Dong was a teacher, he was mainly in charge of network management in the school, and also served as the deputy director of the network center of Zhejiang University of technology.
When Hu Dong worked in Zhejiang University of technology in 1998, it was very difficult to access the Internet, but Hu Dong had the opportunity to surf the Internet every day. Just in 2010, Zhejiang has a feature of encouraging teachers to start their own businesses, as long as they do their own work well, which gives Hu Dong a lot of space.
At the beginning of the company's establishment, Yibang international was engaged in the business based on communication equipment, while the communication industry is cyclical. In 2014, the company invested a lot of energy in considering whether to do research and development in the field of blockchain, until the miner went online in 2016, and changed 9 versions before and after.
Hu Dong deals with the communication industry every day. In 2011, when he paid close attention to bitcoin, he came up with the idea of making mining machines. It can also be understood that it is the periodicity of the communication industry that forces Hu Dong to embark on the road of entrepreneurship. Unexpectedly, he has become a listed enterprise.
Prior to IPO, Hu Dong held 41.82% of shares, and affiliates of Shubo Qian and Jun Hu held 8.73%.
After IPO, Hu Dong holds 35.7% of the shares and holds 91.7% of the voting rights; affiliates of Shubo Qian and Jun Hu holds 7.4% of the shares and holds 1% of the voting rights.
With the listing of Yibang international, bitcoin mining machinery industry only has the industry leader bitcontinental, which is not listed. However, bitcontinental has fallen into a dispute over the management rights of two major shareholders, which has not been resolved.