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Canaan Inc., the second Chinese producer of Bitcoin mining hardware, has reported that it is considering the listing in the mining sector U.S.Crypto. As reported by Bloomberg, the company chose the United States instead of Hong Kong for the IPO.
Canaan collects US markets after setting aside plans for a Hong Kong IPO
Canaan Inc., the second Chinese producer of Bitcoin mining hardware, is considering listing in the United States after having set aside plans for an initial public offering in Hong Kong. According to previous reports, the Chinese company was planning to raise about $ 1 billion, is discussing the possibility of selling shares in New York as soon as the first half, according to people.
While Canaan had filed an application for quotation in Hong Kong, amid the market slowdown, Canaan did not proceed and the application expired in November. Although there is no official confirmation from the company, a source close to the sais company is in an advanced stage of resolution.
Beijing-based Canaan, founded in 2013, sells IT equipment under the "Avalon" brand with high-power custom chips that are used by cryptographic ministers to extract digital coins and solve complex numerical problems.
Canaan had reported 1.33 billion yuan ($ 191 million) in revenue in 2017, according to a Hong Kong exchange request in May. The Hong Kong application also stated that Morgan Stanley, Deutsche Bank AG, Credit Suisse Group AG and CMB International Capital Ltd. were joint sponsorships of the Hong Kong quotation proposed by Canaan.
2018 was a very bad year for cryptocurrencies in terms of market price. The bitcoin, the first cryptographic currency, fell almost 80% per cent after reaching a record level in December 2017, making it more difficult for the encrypted companies to attract investors in the stock market. The humidity of the encrypted markets was felt both in the stock market and in Nvidia, another chip maker was declared the worst result of the S & P 500 group of shares in the last quarter of 2018.
Competitors from Canaan, Bitmain Technologies Holding Co., the largest chip producer for the mining industry specializing in the industry, and the smallest rival Ebang International Holdings Inc. have also deposited for the IPO of Hong Kong last year. Even if Bitmain had to make up for his dreams of listing due to the falling markets and encrypted problems, it was not news of Ebang proceeding.
After a gloomy 2018, 2019 seems to have purchased a ray of sunshine for the crypts mining industry. While things are still far from being at their best, this departure is definitely encouraging.
The news on the IPO of Canaan will lead to the much needed positivity for the crypt mining industry? Let us know your opinions on the same
Summary
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Latest news: Creator of cryptocurrency mining equipment Canaan Inc. Considering the US IPO
Description
Canaan Inc., the second Chinese producer of Bitcoin mining hardware, has reported that it is considering the listing in the mining sector U.S.Crypto. As reported by Bloomberg, the company chose the United States instead of Hong Kong for the IPO.
Author
Nilesh Maurya
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Coingape
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