New comments from the chief executive of the Hong Kong Stock Exchange (HKEX) may have dampened the hopes of several cryptocurrency mining giants that have filed for initial public offerings (IPOs).

According to a report from Tencent’s news portal Finance.QQ on Thursday, HKEX CEO Charles Li Xiaojia said that companies seeking to list on the stock exchange must have a “sustainable” business model.

While Li did not specifically talk about specific company applications, he answered in general about HKEX listing requirements in a response to a question on the crypto miner IPO filings from the news source. Three top crypto mining companies, Bitmain, Canaan and Ebang, have all filed to list on the HKEX, but none has received approval to date.

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