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Second-biggest Bitcoin Mining Chip Maker “Canaan”...
FinTech, Technology

Second-biggest Bitcoin Mining Chip Maker “Canaan” Considers U.S. IPO

In China, the second-biggest maker of Bitcoin mining hardware in the region Canaan Inc. is considering listing in the U.S, this is coming after making plans for a Hong Kong initial public offering.

The Chinese company which’s known for producing Blockchain servers and designing ASIC microprocessor solutions on a global market scale is deliberating the possibility of selling shares in New York in it’s first half, according to sources who wants to be anonymous, these deliberations are at an early stage, and there’s no certainty they will lead to a transaction. Canaan Inc. Hong Kong listing application expired in November.

In a recent report Jianping Kong, Canaan’s co-chairman, declined to comment.

Canaan Creative co-chairman Jianping Kong

The plunge in the crypto market after its all time high record in December 2017, has made it more difficult for cryptocurrency companies to attract stock-market investors and less profitable for miners to generate new coins, this drove notable crypto companies including Bitmain Technologies Holding Co.(the largest maker of specialized mining chips for the industry), and smaller rival Ebang International Holdings Inc. to also source funds in Hong Kong IPOs last year.

Canaan Inc. reported 1.31 billion yuan ($191 million) of revenue in 2017, according to a Hong Kong exchange filing in May.

Morgan Stanley an American multinational investment bank and financial services company, Deutsche Bank AG a German multinational investment bank and financial services company , Credit Suisse Group AG a Swiss multinational investment bank and financial services company and CMB International Capital Ltd. were joint sponsors of Canaan’s proposed Hong Kong listing.

If Canaan concludes on its proceedings any deal achieved during the IPO will add to the $9.1 billion that Chinese companies have raised through U.S. IPOs over the past year.

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