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Canaan Mining Firm May Hold IPO In USA

11:07 09/01/2019

Canaan, one of the leading Chinese producers of chips and mining machines, may organize an IPO on the New York Stock Exchange, Bloomberg reports.

Referring to an opinion of sources familiar with the situation, the agency journalists stated that Canaan might enter the IPO market in the first half of 2019, although processing of all documents may take a long time.

The manufacturer of mining equipment planned to place its shares on the Hong Kong Stock Exchange in 2018 and raise funds for $1 billion but then refused to conduct an IPO. The statement of the Chinese company on the HKEX exchange turned out to be overdue in November.

Apart from Canaan, Bitmain and Ebang, other Chinese manufacturers of mining equipment submitted applications for organizing an IPO on the HKEX exchange, but none of them have been approved to date.

According to some information available to CoinDesk, the Hong Kong Stock Exchange is not particularly keen on reviewing applications from companies involved in crypto mining business because of the strong volatility of this market.

Despite this attitude, Ebang reiterated its plans to organize an IPO in December 2019, but reported at the same time that there was a significant decrease in profits in Q3 2018. In turn, at the end of November of the same year Canaan held a campaign during which it sold its crypto mining devices at discounted prices.  

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