ΤΕΛ. ΝΕΑ
16 Μαΐου 2018

Canaan, the second largest Bitcoin mining equipment maker files for $1 Billion IPO

Canaan, the second largest Bitcoin mining equipment maker in the world has applied for listing on the Hong Kong stock exchange. This will make it the first crypto related company to trade on the Hong Kong exchange if the application is approved, as reported.
This offering is backed by CMB International Capital Ltd, Deutsche Bank AG, Credit Suisse and Morgan Stanley according to a preliminary prospectus seen on Tuesday. The filing doesn’t say how much the second largest Bitcoin mining equipment maker will seek but it’s believed it could raise about $1 Billion.

Bloomberg reports that the company aims to start trading on the Hong Kong exchange as soon as July according to a source who has knowledge of the matter but has asked not to be identified since the information is private.

Canaan is based in Hangzhou, an eastern Chinese city. Last year the company had a revenue of $205 million (1.3 billion yuan). Its net income rose more than sixfold to 361 million yuan according to the filing made on Tuesday.