Canaan Creative, the second largest manufacturer of equipment for mining in China, plans to raise $1 billion through an initial public offer (IPO) on the Hong Kong stock exchange (SEHK).
On Wednesday, local newspaper the South China Morning Post reported that the company, based in Hangzhou, will be the first blockchain-a startup that will be included in the list of SEHK. However, sources also stress that the final decision is still pending.
Canaan previously considered the option of an IPO in the United States, and, according to the company’s Chairman Kong Tzaneen (Jianping Kong), the company does not rule out the possibility of a secondary listing on the Chinese mainland, perhaps on the Shanghai stock exchange.
If Canaan can get $ 1 billion, the capitalization of startups will increase by almost 100%, with assessments to 523 million dollars, which he received in 2016 after a round of Series A investment of $43 million.
According to Canaan, submitted last month, the company produces 20% of the rigs for mining bitcoins sold worldwide. According to reports, last year, the startup received a net profit of $64 million this year the company expects a significant increase in annual revenue — more than 700% ($1.57 billion).
It should be noted that most of the remaining market share belongs to Bitmain, which also produces Riga for many other hashing algorithms used by Ethereum, Litecoin and most other major alithinou working on the Protocol Proof-of-Work (PoW).
Recall that in March became aware that Bitmain will soon begin to conduct mining activities in the United States, and plans to expand in other regions, such as Canada and Switzerland.