Technology investment companies such as Tencent and Softbank have previously denied investing in China’s bitcoin mining machine manufacturer Bitmain. According to Bitmain’s preliminary IPO documents yesterday, it is true that Tencent and Softbank have not invested. It also showed that for the six months ending June 2018, the company reported a profit of more than $700 million, an 800% increase over the same period the previous year.
The company applied for listing in the way of shares and the shares are divided into two categories. Class A shares represent 1 vote, while Class B has 10 votes. The two co-founders of Bitmain, Micree Zhan and Jihan Wu, hold about 3.99 billion and 2.24 billion Class B shares. In other words, Micree Zhan holds 36% of the shares and is the largest shareholder. The second largest shareholder is Jihan Wu, who holds 20.25% of the shares. The other four founding members, Zhao Zhaafeng, Ge Yuesheng, Hu Yishuo, and Song Wenbao hold shares of 6.26%, 4.18%, 4.18% and 0.72%.
Bitmain has been invested by a number of private equity firms, with Sequoia Capital’s funds holding a total of 3.14%; Richway Investment’s Hebert Pang holding 1.17%; Kai-Fu Lee’s Innovation Workshop holding 1.13%; Crimson Partners holds 1.03%.
It is worth noting that Temasek, Singapore’s sovereign investment fund, earlier denied investing in Bitmain , but according to the prospectus, Temasek participated in B+ round financing of Bitmain through its investment company, Palace Investments and Pavilion Capital Fund Holdings. Holding 0.35% in stock.