Report: Canaan Will Be Listed Publicly in the US in November

ADS


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

Canaan Inventive, one among the world’s largest bitcoin mining machine producers, can be listed as a publicly traded firm in the U.S. in November 2019, in accordance with a supply with data of the matter.

In accordance with the supply, the Avalon miner producer, which has a valuation of $1.5 billion, is issuing 126 million shares in its firm, which can be closed on October 20, 2019. 8btc reached out to Canaan however the firm refused to remark.

1

In July 2019, Canaan reportedly filed an software for an preliminary public providing (IPO) with the U.S. Securities and Alternate Fee (SEC). Folks near the firm informed 8btc that the firm had not too long ago completed all of the procedures of an IPO and that its valuation could be in the vary of $2 billion to $three billion, relying on the particular inquiry outcomes of funding establishments.

If that valuation is confirmed, the firm’s three-year efforts in in search of public funding will lastly repay and make it the first of China’s “huge three” mining machine giants (Bitmain, Canaan and Ebang) to go public in the conventional capital market.

Kong Jianping, co-lead director of Canaan, stated weeks in the past that the SEC has an excellent understanding of blockchain expertise and cryptocurrency and that it’s doable for compliant corporations working in this space to go public on U.S. soil.

Previous to Canaan’s submitting with the SEC, Bitmain, Canaan and Ebang had all failed in IPO makes an attempt in Hong Kong. The trio’s U.S. IPO plans come as these bitcoin miner mega-sellers report hovering demand for cryptocurrency mining machines in 2019.

Chen Feng, Canaan’s gross sales director, disclosed to 8btc that it had acquired letters of intent demanding 500,000 items of its newest A10 and A11 miners and that the quantity was anticipated to surpass 1 million in 2020.

Based in 2013, Hangzhou-based Canaan is understood for producing China’s first bitcoin mining machine — the Avalon miner, which options personalized, super-fast ASIC chips and marked the finish of personal-computer–based mostly mining.

In accordance with the monetary figures included in its Hong Kong IPO submitting, the gross revenue of Canaan for 2015, 2016 and 2017 had been 13.88 million yuan (roughly $2 million), 132 million yuan ($19 million) and 604 million yuan ($88 million), respectively.

In 2017, the firm shipped an estimated 294,500 bitcoin mining machines worldwide, accounting for 20.9 % of the international market share. Producing 19.5 % of the international hash charge, it has develop into the world’s second-largest producer of cryptocurrency miners.

In 2018, the firm introduced the launch of the world’s first 7nm bitcoin ASIC and racked in over four billion yuan ($561 million) in miner gross sales throughout 2018, in accordance with Shao Jianliang, head of blockchain enterprise at Canaan.

Canaan’s street to an IPO has been filled with twists and turns. The corporate had tried to listing on the Shenzhen Inventory Alternate through a backdoor itemizing in 2016, however the plan was canceled after failing to fulfill regulatory necessities. In August 2017, the firm submitted an inventory software to NEEQ, however finally it retreated from the home market beneath an unfriendly coverage setting in March 2018. In Could 2019, Canaan made a comeback concentrating on the Hong Kong market, but it surely let its IPO software lapse six months later.

The publish Report: Canaan Will Be Listed Publicly in the US in November appeared first on Bitcoin Journal.



Source link Bitcoin Magazine

ADS

Be the first to comment

Leave a Reply

Your email address will not be published.


*