Chinese crypto miner maker Canaan Creative has officially filed for an initial public offering (IPO) in the United States, seeking to raise $400 million.
If approved, the Avalon-branded crypto miner manufacturer will list its shares on Nasdaq under the ticker symbol of CAN. The company also engaged with Credit Swiss, Citi Group, Galaxy Digital, and four others to underwrite for IPO filing.
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Numbers show the condition of the industry
Detailing the financials, the IPO filing stated that the company generated $394 million in revenue in the fiscal year of 2018 and booked a profit of $8.3 million.
However, the plummet in the prices of Bitcoin also reflected in the books of the Chinese hardware maker as it lost $45.8 million for the six months ending June 30, 2019, with an 85 percent decline on the year-to-year revenue from the first half of 2018 to the first half of 2019.
Canaan also revealed that it held 21.9 percent of the Bitcoin mining hardware market in the first half of this year and since launch, shipped 26,000 chips and modules globally.
The public filing at Nasdaq came after a reportedly confidential attempt to list its shares on an unknown US-based stock exchange. Before the US, the Hangzhou-based company also made multiple attempts to publicly list its stocks on both China and Hong Kong stock exchanges.
Canaan’s application for an IPO lapsed last November at the Hong Kong Stock Exchange (HKEx). 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.
Meanwhile, Canaan’s competitor and leading ASIC-based hardware manufacturer, Bitmain, is also reportedly attempting to enter the United States with an IPO proposal after failing in Hong Kong.
According to public record, Jihan Wu took over Micree Zhan as the legal representative of Bitmain in China
Under China law, this means he serves as the legal embodiment of the company, which is a crucial role
Bitmain obviously can’t sit still while Canaan filed IPO
— Dovey 以德服人 Wan (@DoveyWan) October 29, 2019