Author: Iris Li
Based on the philosophy of “The Entrepreneurs Behind the Entrepreneurs”, The Sequoia teams help daring founders build legendary companies and Sequoia China focuses on four sectors of TMT (Technology, Media, Telecom), healthcare, consumer service and industrial technology. Sequoia China has worked with more than 300 companies in China including Alibaba, JD.com, Sina.com and Wanda Cinemas for over the past 12 years.
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Sequoia Capital China stated to invest in Bitmain’s Pre-IPO Round
According to China Money Network reports, Sequoia Capital China is to lead a USD400 million pre-IPO round in Bitmain Technologies Ltd., which is a Beijing-based Bitcoin miner and mining chip designer company of USD12 billion value founded in 2013. Then both Bitmain and Sequoia Capital China refused to comment on the matter.
Another report from Bloomberg China showed that Bitmain planned an initial public offering in Hong Kong this September and expected to go public with market capitalization between USD30 billion to USD40 billion by the end of this year. The planned IPO of Bitmain follows China’s second largest Bitcoin mining machine manufacturer Canaan Inc’s IPO in Hong Kong in May.
Mr Wu Jihan, the CEO of Bitmain, stated that he wanted Bitmain to go public in Hong Kong or other oversea markets via offering USD valued stocks. The general IPO plan would promote potential investment opportunities to Sequoia Capital China and IDG Capital.
Kevin Wang who is a financial analyst of Mizuho Securities said that the Bitmain products would be attractive to many Hong Kong investors, because Bitmain has been positioned as one of the top technology companies in chip industry in China.
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Based on its application-specific integrated circuit (ASIC) chip technology, Bitmain develops and sells Bitcoin mining machines. It is headquartered in Beijing, with offices in Amsterdam, Hong Kong, Tel Aviv, Qingdao, Chengdu, Shanghai and Shenzhen.
Featured Image Resource: Chepicap
Content Image 1 Resource: Medium
Content Image 2 Resource: TOSHI Times