Cong Chain Group, which focuses on cryptocurrency mining business, is listed on NASDAQ

It is reported that Intchains Group Limited, the substantial holding company of Shanghai Conglian Information Technology Co., Ltd., is listed on the NASDAQ stock exchange in the United States under the symbol “ICG”. It was secretly submitted to the SEC on January 18, 2022. The prospectus shows that the company’s business and financial condition are highly correlated with the market price of cryptocurrency. Almost all of the company’s revenue comes from selling ASIC chips for cryptocurrency mining machines. The company indicated in the prospectus that the current cryptocurrency market price has fluctuated as a whole, or may have an adverse impact on the company’s business, financial condition, and operating performance.

Interpretation of this information:

According to a recent report, Intchains Group Limited, the major holding company of Shanghai Conglian Information Technology Co., Ltd., has been listed on the NASDAQ exchange in the United States under the ticker symbol “ICG.” On January 18, 2022, the firm secretly submitted its prospectus to the Securities and Exchange Commission (SEC). The prospectus stated that the company’s financial and business health is heavily influenced by the cryptocurrency market’s price, as almost all of its revenue comes from selling ASIC chips for cryptocurrency mining machines. It also said that fluctuations in the cryptocurrency market price may have an adverse impact on the firm’s business, financial condition, and operational performance.

Intchains Group Limited, a significant shareholder of Shanghai Conglian Information Technology Co., Ltd., has entered the NASDAQ Stock Market in the United States as “ICG,” according to this message. It suggests that the company’s financial well-being is significantly dependent on the price of cryptocurrencies, according to the report. ASIC microchips for cryptocurrency mining machines are the company’s primary source of income, accounting for almost all of its earnings. Furthermore, the report highlighted that fluctuations in the cryptocurrency market price could harm the firm’s business, financial state, and operational performance.

The first keyword for this article is “Intchains Group Limited,” which refers to the significant holding firm that has been listed on the NASDAQ exchange in the United States under the ticker symbol “ICG.” The second keyword is “cryptocurrency,” which includes digital currencies like Bitcoin, Ethereum, and so on. The prospectus reveals that the company’s success is highly reliant on fluctuations in the cryptocurrency market price. Finally, the third keyword is “ASIC chips,” which are specialized circuits designed to accomplish a single function, such as mining cryptocurrency, and which make up the majority of the firm’s earnings.