The whole document is pretty interesting. One quirk is that they are perpetually cash flow from operations negative since any crypto income ends up in the cash flow from investing section instead. Which makes me wonder how will accounting for crypto evolve over time as it becomes a bigger and bigger part of listed companies' operations.

Doing an IPO shoves off some of the risk of the venture and allows owners to diversify their assets. For a team in China, this is probably very attractive as they can have their company/assets/etc seized at any time for no reason.