Ebang Communication, one of the largest manufacturers of mining chips in China, has applied for an initial public offering on the Hong Kong Stock Exchange (HKEX).

It is still unclear, what is the estimated value of the company and how much it plans to attract. According to Reuters, the company planned to raise $1 billion, the same as its main Chinese competitor Canaan Creative. If successful, it will be a record investment via traditional methods in the cryptocurrency industry.

The fact that Ebang plans an IPO in Hong Kong, first appeared known in January.

In 2017, Ebang received revenue of 925 million yuan ($141 million) and decalred a net profit of 380 million yuan ($60 million). These figures exceed the figures for 2016 at 17 and 34 times respectively. 94.6% of revenue was received from the sale of bitcoin chips. In 2016, chips accounted for only 42% of Ebang's revenue.

Ebang Communication was established in 2010, and in 2016 began working in the cryptocurrency industry, producing mining chips under the brand name Ebit. In the near term, the company plans to release its own 7-nanometer ASIC-miners.

This year may be fruitful of mining manufacturers' IPOs. This method of attracting investments may be chosen also by the world ASIC-miners producer leader Bitmain. In an interview with Bloomberg, Jihan Wu, chief executive officer and co-founder at Bitmain, said that he is considering an IPO for his company. An IPO would also provide a significant opportunity for Bitmain investors IDG Capital and Sequoia Capital to cash out. Both venture capital firms have invested approximately $100 million into the company.