Thread by @btcking555

Top 10 things one should know about #bitmainipo: 1) as told weeks ago Bitmaim lied about the investors to create FOMO - No Tencent, No Softbank, No DST, No Temasek and No GIC 2) Latest FOMO round failed to get target $1 bln. Got only $440 mln and $120 mln cash was not wired

3) investors pissed that Jihan and team misrepresented numbers. its clear now Bitmain nowhere near FOMO numbers of revenue $10 bln and net profit $3 bln 4) Q2 was disaster woth Net Loss of $400 mln and Net Loss of $800 mln if you take into account BCH Losses

5) Q3 numbers will be even more disaster as S9 prices further fell over 60 percent. Target for Revenue is $450 mon and Net Losses of $700-$800 mln range. 6) That meanda Q1-Q3 Bitmain Net Profit is NEGATIVE $500 MLN (!) 7) Bitmain will be doing initial roadshow in 2-3 weeks

.. and will have to disclose these numbers .. they will certainly HAVE to put Q3 review numbers in prospectus before listing @HKEXGroup 8) Potential lawsuits from investors that were duped into Augut round at $14 bln 9) Even if Bitmain lists by year end With Negative Losses the

... valuation will be significant discount to latest round and then disgruntled investors will bombard company with lawsuits @muddywatersre even more 10) No major international bank anywhere near the IPO. sole underwrites is mainland China CICC Bank - known for its “transparency”