Chinese mining company Canaan Creative will hold IPOs outside the country

Chinese mining company Canaan Creative will hold IPOs outside the country

Canaan Creative, one of the world’s leading manufacturers of equipment for mining, plans to launch an IPO.

There is a wonderful expression: “a rising Tide lifts all boats”. It means that when the market is growing, and users are grabbing everything, flawed companies get their moments of glory, and a good company become a cult. Cryptocurrency market is no exception. Thanks to the mining hardware manufacturers GPU and ASIC was on the wave of rising demand. Following the trend established in Hangzhou, manufacturer of equipment for mining cryptocurrency Canaan Creative has also reported a surge in demand for its products in 2017.

Even when the cryptocurrency market faced a decline, the majority of miners are still optimistic about the future. Canaan is one of the leading manufacturers of equipment for mining and currently supplies the market with about a quarter of ASIC-s, called Avalon. It is reported that the Chinese company plans to launch an IPO. But what really caused the surprise of many, it is the intention to hold it outside of China.

In 2016, the company hoped to launch an IPO on the mainland China, however, due to the position of officials the process was delayed, now the Canaan considers other jurisdiction. Hong Kong and the United States in priority countries as possible, because that’s where the IPO is more likely to happen. A member of the leadership of Canaan, Jianping kun, explains the company’s decision:

We prefer listing outside mainland China, considered as an international company.

Kuhn insists that this decision has nothing to do with the recent ban in China on development and trade cryptocurrencies. The reason, rather, in the listing process, which takes too much time.

It is worth noting that, despite fierce competition from American giant Bitfury and Bitmain, 2017 Canaan managed to earn over 1 billion yuan ($200 million). The company plans to diversify revenues, mostly concentrated on the sale of miners on the domestic market, and begin to produce appliances that are compatible with the blockchain computing, able passively to mine cryptocurrencies. The creation of new mining hardware for Litecoin mining and production of chips for research in the field of artificial intelligence are also included in the plans of the company.

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