Canaan, one of the largest bitcoin mining hardware makers, is planning a $1 billion IPO at HKEX
Canaan, the second largest manufacturer of Bitcoin mining, disclosed their venture of filing an application to get enlisted in Hong Kong Exchange. This China based ASIC hardware market dealing with blockchain and cryptocurrency have collaborated with prominent sponsors to proceed the enterprise. The joint sponsors include Morgan Stanley, Credit Suisse Group AG, Deutsche Bank AG and CMB International Capital Ltd. These organisations have sponsored Canaan in the proposed offering.
According to sources, Canaan has made an application for initial public offering or IPO at Hong Kong Exchange (HKEX). It is anticipated to raise an amount of $1 billion. Last year, the crypto hardware market witnessed a growth of 7.3 billion yuan. Canaan stated that it has achieved this progress from 2013 with a level of 50 million yuan. The growth is expected to reach a level of 28.6 billion yuan by the end of 2020. In 2017, the gigantic maker of bitcoin mining equipment generated an annual revenue of 1.3 billion yuan.
Located at the Hangzhou city of eastern China, Canaan has planned to execute trading as early as July, 2018. In the domain of blockchain industry and crypto market, Canaan’s filing for listing would be the first IPO event in Hong Kong. The company enjoys a 15% of global share in the market for computer and bitcoin mining equipment.
The foundation of Canaan has been in 2013 which conducts the business under the brand called “Avalon.” The required computer gadgets and equipment are sold under Avalon with chips that are fast and customised. These features of the chips assist in the solving mechanism of complex problems for mining bitcoins. Canaan is also involved in manufacturing efficient chips to utilise in artificial intelligence applications. However, prior to taking a leap of pursuing IPO at Hong Kong exchange, Canaan carried out a different endeavour. Last year, Canaan prepared to get enlisted on National Equities Exchange and Quotations in China.
(Image source: Google)
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