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Business
Bitcoin mining hardware manufacturer Canaan considering U.S. listing
CKN
2019/01/09 02:28:40
1,603
China's News, China's Financial News, Bitcoin

Jan 09, 2019 (China Knowledge) - Canaan Inc., China’s second largest Bitcoin mining hardware manufacturer is now considering to list in the U.S. after putting aside plans for a Hong Kong listing recently.

The company which previously aimed to raise USD 1 billion by going public is now putting the option of listing in the U.S. during the first half of this year on the table. Considerations have just started for the company and no concrete plans have been made currently.

Falling a recent bitcoin price crash by nearly 80% from its record high, cryptocurrency companies are finding it increasingly difficult to attract investors. Similarly, miners are also starting to lose profitability over their ability to generate new coins.

Canaan’s rivals such as Bitman and Ebang have also decided to postpone their IPOs as a result, after filing to be listed in Hong Kong last year.

Canaan currently sells computer equipment under the “Avalon” brand which are specialized equipment used in cryptocurrency mining, bringing in RMB 1.31 billion in revenue in 2017.

Morgan Stanley, Deutsche Bank AG, Credit Suisse Group AG and CMB International Capital Ltd. were joint sponsors of Canaan’s proposed Hong Kong listing.

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