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HomeNewsCanaan Creative Files for an IPO in the US: Report

Canaan Creative Files for an IPO in the US: Report

Crypto mining hardware maker Canaan Creative has confidentially filed for an initial public offering (IPO) in the United States, according to an IPO-focused WeChat blog.

Per the post by “IPO Zao Zhi Dao,” the Chinese hardware manufacturer is aiming to raise $200 million with the pubic listing. However, details such as the exchange at which the company submitted its application are not known yet.

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Canaan is the second-largest Bitcoin mining hardware manufacturer in the world following Bitmain. The company sells Avalon-branded high-performance ASIC-based mining machines for Bitcoin mining, which are designed and manufactured by the firm itself.

The saga of failed IPO attempts

The Chinese giant was also pushing to go public for years and had attempted in various markets – China, Hong Kong, and now the United States.

Earlier this year, reports surfaced that the miner maker might attempt to list its stocks on the Shanghai Stock Exchange under the newly created Science and Technology (Sci-Tech) Innovation Board. However, no further details were provided by the company on the prospective.

In January, Bloomberg reposted that Canaan was considering to go public in New York; however, it did not specify any name of the exchange.

Canaan’s application for an IPO lapsed last November at the Hong Kong Stock Exchange (HKEx).

In 2016, the company tried to gain a listing in China’s yuan-denominated A-share market by buying Shandong-based electric equipment maker Luyitong, but regulatory doubts with the validation of the deal became an obstacle. Another listing attempt of the firm in China’s “New Third Board” market also failed for undisclosed reasons.

Canaan market competitions – Bitmain and Ebang – are also trying to list their stocks for public trading.

Bitmain’s application is still pending at the HKEx as the exchange is reluctant to list a company generating revenues from the crypto economy. The company, however, is now is planning to list itself on US-based exchange by the end of 2019.


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