Canaan Creative plans $ 400 IPO in the US

Chinese Mining Giant Canaan Plans to Raise $400m IPO in the U.S.

Canaan Creative, which is one from the largest manufacturers of mining equipment and produces ASICs Avalon, has applied for an IPO in the United States.

According to documents released by the SEC, the Chinese manufacturer plans to list on the NASDAQ exchange, and set the amount of placement at $ 400 million for enhancements. At this stage, the price of one share and the estimated amount of the increase have not been determined.

Canaan Creative plans $ 400 IPO in the US

The presented financial statements show that according to the results last year Canaan Creative’s net profit was $ 8.3 million, and for the first half of the year Of 2019 the company incurred losses in the amount of $ 45.8 million. According to preliminary estimates, the Chinese manufacturer is worth about $ 2-3 billion total the company plans issue 126 million shares.

This is not Canaan Creative’s first attempt at an initial public offering.. Earlier due to the unstable situation on the crypto market, the company did not manage to do this in China and Hong Kong.

Canaan Creative plans $ 400 IPO in the US

Bitmain, another giant of the crypto industry, is also seeking an IPO in the United States after the Hong Kong failure, and is actively diversifying it to increase the sustainability of its activities. On October 10, the company launched the WDMM platform to establish mutually beneficial cooperation between owners of mining equipment and mining farms.

text: Ivan Malichenko, photo: gesellberg