April 17, 2021

Media: mining company Canaan Creative will be IPO in November

Media: mining company Canaan Creative will be IPO in November

Canaan Creative, one of the largest Chinese players in the mining equipment market, intends to become public in the US on November 20 of this year on the largest Nasdaq stock exchange.

Initial Public Application InformationThe U.S. stock offering (IPO) of its largest competitor, Bitmain, leaked to the media last month. The second world developer and manufacturer of mining equipment filed a request for the issuance of American depositary shares in July.

The successful listing of Canaan on Nasdaq will make the company the first Chinese player to enter the US market.

Canaan has already tried three times to IPO on othersstock exchanges in Hong Kong and mainland China. Canaan plans to raise $ 400 million during the IPO, although it is unclear in what price range the company will place its shares. According to company representatives, they want to use these funds to finance research in the field of artificial intelligence and blockchain, as well as to pay off debts. Last year's drop in MTC prices brought Canaan losses of $ 16.7 million.

According to Western SIM, Bitmain, whose plan for an IPO in Hong Kong also failed, has applied for a public offer in the United States.

Canaan previously stated that it controls 23.3% of bitcoin hash, while Bitmain climbed 64.5%.

The company's current preliminary valuation varies between $ 2- $ 3 billion.