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Cryptos: Cryptocurrency mining equipment maker Bitmain postpones IPO

Cryptocurrency mining equipment maker Bitmain Technologies said on Tuesday that it had postponed its plan to go public, citing a plunge in digital currency prices.

On Monday, the company’s expiration date for its initial public offering lapsed, and on Tuesday, the company confirmed that plans to list on Hong Kong’s stock exchange had been put on the back burner.

“Bitmain’s listing application to HKex in September 2018 has reached its 6-month expiration date. We do recognize that despite the huge potential of the cryptocurrency and blockchain industry, it remains a relatively young industry which is proving its value. We will restart the listing application work at an appropriate time in the future,” the company said in a news release.

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