Chinese Miner Manufacturer Canaan Files IPO With $200 Million Goal


This text was initially revealed by 8btc and written by Lylian Teng.

Canaan Inventive, one of many world’s largest bitcoin mining machine producers, has filed an software for an preliminary public providing (IPO) with the U.S. Securities and Change Fee (SEC), folks with information of the matter disclosed.

In response to the supply, the AvalonMiner producer has secretly filed its software with the SEC and reportedly goals to lift $200 million. It makes Canaan the primary of China’s “large three” mining machine giants to maneuver ahead with a U.S. IPO software. 8btc has reached out to Canaan, however the firm made no touch upon the transfer.

The submitting confirmed a January report from Bloomberg that the corporate was contemplating an IPO on U.S. soil. The transfer comes weeks after Canaan’s rival bitcoin miner makers, Bitmain and Ebang, had been additionally reportedly searching for to go public within the U.S., with the previous aiming to lift $300 million to $400 million by means of the shares sale within the U.S. Previous to this, Bitmain, Canaan and Ebang all failed in IPO makes an attempt primarily based in Hong Kong.

The trio’s U.S. IPO plans come because the bitcoin miner mega-sellers report hovering demand for mining machines amid the bitcoin rally that’s been working since April 2019. However it’s nonetheless unknown whether or not this sort of enterprise will likely be needed within the U.S. capital market, particularly after the hesitation from Hong Kong.

Primarily based on the monetary figures included in its Hong Kong IPO submitting, the gross revenue of Canaan Inc. in 2015, 2016 and 2017 was roughly $2 million (13.88 million yuan), $19 million (132 million yuan) and $88 million (604 million yuan), respectively.

Monetary figures from Canaan, proven within the firm’s prospectus for its Hong Kong IPO submitting. 

Based in 2013, Hangzhou-based Canaan is thought for producing China’s first bitcoin mining machine — AvalonMiner, which options custom-made, super-fast ASIC chips and marked the tip of computer-based mining. In its latest funding spherical, the corporate reportedly raised a number of hundred million dollars, with its valuation standing at a number of billion dollars. In response to the Hurun Larger China Unicorn Index 2018 launched this January, Canaan was valued at roughly $2.2 billion (15 billion yuan).

Canaan’s highway to an IPO has been stuffed with twists and turns. The corporate had tried to record on the Shenzhen Inventory Change through a backdoor itemizing in 2016, however the plan was canceled after failing to fulfill the regulatory necessities. In August 2017, the corporate submitted a list software to the Nationwide Equities Change and Quotations, however finally it retreated from the home market beneath an unfriendly coverage atmosphere in March 2018. In Could 2017, Canaan made a comeback concentrating on the Hong Kong market, however it let its IPO software lapse six months later.

The put up Chinese Miner Manufacturer Canaan Files IPO With $200 Million Goal appeared first on Bitcoin Journal.

Source link Bitcoin Magazine


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