Ebang, the China-based communication and one of the largest bitcoin mining chip markers in China, as well as the producer of E9 miner, has updated its IPO application on December 20.

In the update IPO filling, Ebang emphasized it was ranked among the world’s top three producers of BPUs for Bitcoin mining as its global market share reached 9.2% in terms of sales revenue and 10.9% in terms of computing power sold in 2017, according to the iResearch Report.

Ebang believes that the advanced products determine its market share so it has devoted significant resources to the research and commercialization of new technological innovations. The firm is currently developing a second generation 10nm ASIC, an 8 nm ASIC, a 7nm ASIC, as well as ASICs for other cryptocurrencies. In addition to developing BPUs for cryptocurrency mining.

It is worth to be concerned that although the bear crypto market has significantly cooled down the mining market, Ebang has provided a satisfactory financial report in the first half of 2018.

According to its financial report, there are two listed China-based companies that purchased 700 million worth of miners in the first half of 2018, which accounts for nearly 34 percent of Ebang’s total revenue.

The Beijing Xincailiang Technology, a wholly-owned subsidiary of Shenzhen-listed technical company Wholeasy, is the biggest customer to Ebang that contributed 17.7% of sales for the first half year of 2018. It has purchased 360 million yuan worth of miners from Ebang during that time. It is also worth noting that the total revenue of the parent firm in the first half of this year is only about 388 million yuan.

The second largest customer of Ebang is an anonymous Xinjiang-based company. According to the report, it is a wholly owned subsidiary of an anonymous Shanghai-listed safety technological company. It contributed 16.2% of Ebang’s sales by purchasing 340-million-yuan goods from Ebang.

Although the crypto market volatility, as well as the bear market, has plagued the mining industry in 2018, the sale volume of mining devices appears not as bad as we thought. Big players still managing their mining business well.

To Ebang, although the result of its IPO application still remains unknown, its listing dream never stops.