Science

Canaan, China's second largest mining manufcaturer plans $1 Billion Hong Kong IPO

Canaan, China's second largest mining manufcaturer plans $1 Billion Hong Kong IPO”

The second leading Bitcoin mining hardware vendor in China, Canaan Creative is preparing for an Initial Public Offering (IPO). As a probable site for the placement of securities, the Hong Kong Stock Exchange is being considered.

The report was published first on the South China Morning Post with the source going anonymous since the company has not given an official statement yet.

Other sources remaining nameless for the time being mentioned SCMP that it plans to raise 1 billion United States dollars through the IPO.

Previously, Canaan had mulled holding an IPO in the U.S., and Chairman Kong Jianping said that the firm was also considering a secondary listing on the Chinese mainland, perhaps through the Shanghai Stock Exchange. In 2016, the company attempted to get listed in China's Yuan dominated market which never went through because regulators questioned the deal for being overvalued.

The Hanzou based company was founded in 2013 to design and sell the high-performance circuits specific to mining Bitcoin. Later in 2017, there was a re-attempt to list on "New Third Board" market in China, which also failed even though the market focuses startups and is less rigorously regulated.

Amid China's crackdown on crypto trading and ICOs the majority of Canaan's clients are still in the country which remains one of the top three Bitcoin mining nations.

China has the highest number of patent filings for blockchain technology out of all the countries in 2017. In past years, Canaan Creative planned to conduct an IPO on the Chinese stock market, but could not do so because of regulatory impediments. These include restricting the power consumption usage for bitcoin mining in future.

As CCN reported, Bitmain is said to have raked in as much as $4 billion in operating profit past year, ranking it favorably with chipmaking giant Nvidia - a firm that is now valued at $153 billion. Bitmain intends to start its mining operations in Washington, Canada and Switzerland in the coming months.



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