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Crypto Mining Giant Bitmain Lets Hong Kong IPO Application Lapse

  • Bitmain initially filed for listing in the city in September
  • Company says it will restart application at appropriate time
Technicians inspect bitcoin mining machines at a mining facility operated by Bitmain Technologies Ltd. in Ordos, Inner Mongolia, China.
Technicians inspect bitcoin mining machines at a mining facility operated by Bitmain Technologies Ltd. in Ordos, Inner Mongolia, China.Photographer: Qilai Shen/Bloomberg

Bitmain Technologies Ltd., the world’s biggest producer of cryptocurrency mining chips, has let its application for Hong Kong initial public offering lapse.

The virtual currency mining firm’s listing application, which was initially filed in September, expired on Tuesday, according to the Hong Kong stock exchange’s website. The Beijing-based company was targeting to raise as much as $3 billion, Bloomberg News has reported.