The second largest Chinese manufacturer of equipment for mining bitcoin Canaan Creative intends to hold an initial public offering (IPO) on the Hong Kong stock exchange. The company intends to raise $1 billion, according to South China Morning Post.
According to the publication, the final decision regarding listing on the Hong Kong stock exchange is still pending.
In 2016 and 2017 based in Hangzhou Canaan Creative has planned to hold an IPO in the Chinese market, but are unable to do so because of the barriers in the regulation. It is also known that earlier, as an alternative, Canaan was considered by the American courts. Now she could become the first blockchain-a company published on the Hong Kong stock market.
As published in the January data, the annual profit of Canaan Creative was 410 million yuan ($64 million), which is 600% above the net profit for the year 2016.
We will remind, in April the co-chair Canaan Creative Jianping kun said that the choice of foreign jurisdictions for conducting IPO is not bound by the ban on the ICO, the work of cryptocurrency exchanges and increased pressure on the miners by the government of China. The main role in selection was the fact that the listing on the stock exchanges of China takes too much time, he said.