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Bitmain forced to delay Hong Kong IPO amid crypto-mining decline

Chinese equipment maker joins peers in failing to win bourse approval

Bitmain equipment captured at a Bitcoin mining farm in Iceland.   © Reuters

HONG KONG -- Cryptocurrency mining equipment designer Bitmain Technologies has postponed its stock market listing after failing to gain approval from the Hong Kong bourse, highlighting the headwinds facing the virtual currency sector following last year's bitcoin crash.

The Beijing-based company controls roughly 70% of the global market for crypto-mining equipment. Bitmain filed last September for an initial public offering in Hong Kong, but the company said Tuesday that its six-month application period had expired without receiving approval.

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