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Crypto mining IPOs head for Hong Kong despite bitcoin setbacks

Gear makers seek funds for new ventures amid signs of cryptocurrency downturn

Bitmain and its rivals now generate the overwhelming majority of their revenue from Chinese cryptocurrency miners.    © Reuters

HONG KONG -- Even as prices for bitcoin and other cryptocurrencies continue to stumble, the world's top three makers of the hardware used to create more virtual money are all preparing to list in Hong Kong.

While their timing could have been better, initial public offerings for the three Chinese companies -- Canaan, Ebang International Holdings and Bitmain Technologies -- would give them capital to try to develop new business lines, with artificial intelligence in particular a key target. The listings would also give their existing shareholders an opening to sell down their stakes in case conditions deteriorate further in the crypto or stock markets.

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