CryptoCurrency

Crypto Miner Manufacturer Canaan Seeks a US IPO

China’s second-largest Bitcoin mining {hardware} manufacture Canaan is contemplating to file for an preliminary public providing (IPO) within the United States, based on a current Bloomberg report.

This got here months after the corporate’s software for an IPO lapsed in Hong Kong’s inventory change.

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The agency is focusing on to listing itself in New York as quickly as within the first half of 2019. However, based on Bloomberg’s nameless sources, the deliberations are nonetheless within the early levels.

Canaan’s Hong Kong submitting was carried out after the agency quashed its plans to listing itself in each Hong Kong and the United States. It was, reportedly, aiming to boost $1 billion by way of its IPO.

Established in 2013, Canaan is China’s second largest Bitcoin mining {hardware} producer solely following the market big Bitmain. It designs and manufactures high-performance ASIC-based miners for Bitcoin mining and is nicely know for the Avalon sequence of bitcoin mining machines.

According to an unaudited earnings report launched in January 2018, Canaan made a revenue of $64 million (410 million yuan) for 2017 alone – a 600 % enhance from its earlier yr’s figures.

Moreover, earlier than Hong Kong, the Beijing-based {hardware} producer additionally tried to listing itself on a number of exchanges in China, however all of its functions had been rejected by the exchanges.

Hostility in Hong Kong

The Hong Kong Stock Exchange (HKEX) has grow to be very cautious about listings of crypto mining corporations amid the crashing Bitcoin costs. Reports confirmed that the change is reluctant to listing Bitmain’s IPO and thinks that its “untimely for any cryptocurrency buying and selling platform – or enterprise related to the trade – to boost funds via an IPO in Hong Kong earlier than the correct regulatory framework is in place.”

Despite the hostility of the change, one other crypto miner-manufacturer – Ebang Communications – filed for an IPO the second time on HKEX as its first software to the identical was lapsed.

 

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David

David is the founder of DebtDefined.com. The firm originates business financing for companies of all size in the Canadian marketplace . Originations include business loans, term loans, asset based lines of credit, SR ED Tax credit financing , and receivable financing .

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