Bitcoin Mining Chip Maker Canaan to List in Hong Kong

[mskumar]

Hangzhou based Canaan Creative, the second largest Bitcoin mining hardware manufacturer in China is reportedly considering to bring its IPO to the Stock Exchange of Hong Kong instead of the New York Stock exchange in the US. The South China Morning Post reported that the company, founded by N.G. Zhang in 2013, is looking to raise up to $1 billion from its public offering.

First of a Kind Mining Hardware Manufacturer IPO
Canaan is involved in designing ASIC microprocessors and blockchain servers. If successfully listed on the Stock Exchange of Hong Kong, it would become the first bitcoin or blockchain related company to be listed there.

The company is primarily a semiconductor manufacturer but has found recent success with hardware related to cryptocurrency mining. Jianping Kong, in an interview with with Reuters, replied affirmatively when asked if his company was considering an IPO. “We prefer listing outside mainland China as we are in a global business,” said Jianping Kong. This is not the first time the company has planned for a public listing.

In 2016, it had tried to achieve a public listing of 3.06 billion yuan ($485 billion) which had to be scrapped due to regulatory hurdles. Later plans to list on the New Third Board in China were also shelved. While people initially speculated that it might be becoming more difficult for a blockchain business company to list in China, Kong clarified that the company was registered as an integrated circuit and hardware maker, not as a blockchain company.

China has banned trading of cryptocurrencies but has only been silent on the topic of mining. The company is not dependent on China for most of its revenues as its products are being exported to miners globally.

SOURCE:https://btcmanager.com/bitcoin-mining-chip-maker-canaan-to-list-in-hong-kong/?utm_source=onesignal&utm_medium=push