Bitcoin Group's IPO date postponed again

Bitcoin Group, which is very likely to be listed on the Australian Stock Exchange (ASX), recently announced a delay in its listing time because it was suspected by Australian regulators for claiming that Australian Prime Minister马尔科姆•特恩布尔had purchased shares in the company and that it may have falsely reported the company's profitability.

圣•吉尔达and安德鲁•普利姆顿, the company's former chairman and current director respectively, both admitted that the company's revenue reported to the media in September was "irrational".

The company’s four-page supplemental prospectus also outlines plans to handle investor money through Bnk to the Future Ltd., a Cayman Islands-based company.

The company's CEO Sam Lee said the company has hired excellent lawyers to help it through the IPO process.

Mr. Li said:

"As a pioneer in a new industry, we appreciate ASIC's ongoing dialogue with us so that we can address their concerns."

Bitcoin Group has postponed its IPO date to December 11 this year to give the company’s potential investors time to digest the news.

The company frequently appeared in the media before its listing and sparked some discussion in the Bitcoin community. However, the company's listing was not smooth. The Australian Securities and Investments Commission ordered it to postpone its listing date twice. The company first applied for listing in June this year.

On October 7, Australian Prime Minister Turnbull demonstrated an application software for buying stocks called "On-Mark Bookbuild" and used Bitcoin Group as an example to illustrate how to buy shares through the software.

On the same day, Bitcoin Group published an article on WeChat suggesting that Mr Turnbull was bidding for a stake in the company (according to Bitcoin Group’s supplementary charter document).

“Bitcoin Group retracts certain comments regarding Mr Turnbull’s investment in the company through the Bitcoin Group IPO.”

The company also admitted that another article published on WeChat contained "false statements" about its profitability that were "potentially misleading" and were based on calculations in a draft prospectus document that was not lodged with ASIC and not made available to the public.

The article also “provides calculations of profits and estimates of operating costs that do not correspond to the details of profits and costs contained in the replacement prospectus” and gives “audit costs” when in fact Bitcoin Group’s accounts are not audited.

Mr Li said profits were overstated by $30,000 and the company had tried to clarify that Mr Turnbull was not an investor in the company, but rather that Mr Turnbull cited the Bitcoin Group example to help Chinese media reporters understand the On-Mark Bookbuild application software more accurately.

The company also revised its comments in a September Fairfax article about the company’s upcoming float, which initially said Bitcoin Group would make adjustments based on a series of forecasts of expected bitcoin returns, based on bitcoin’s market value between June 2015 and June 2016.

The company acknowledged that this series of forecasts was not included in the company's replacement prospectus.

"The forecasts of projected revenues in the SMH (Sydney Morning Herald) article have no reasonable basis."

Bitcoin also pledged to ensure that investors who bought part of the equity offered by its Cayman Islands company were not Australian residents, and that investors who bought shares through its Caribbean bookbuild would each hold no more than 4.9% of Bitcoin Group shares (as set out in the Bitcoin Group corporate law).

Original article: http://www.smh.com.au/business/markets/currencies/bitcoin-blunders-its-way-to-an-asx-listing-20151102-gkokzb.html
By Sarah Danckert
Translator: printemps
Editor: printemps
Source (translation): Babbitt Information