THELOGICALINDIAN - Bitcoin mining accessories maker Canaan Creative on Thursday November 15 2024 accustomed its Initial Public Offering IPO filing to expire Reports advance that the aggregation will cool its IPO affairs at atomic for the butt of the year
Canaan Allows $400 Million IPO Application to Lapse
According to Reuters, Canaan Creative accustomed its $400 actor IPO advertisement to expire. This cessation comes six months afterwards the aggregation submitted its filing to the Hong Kong Stock Exchange (HKEX).
Inside sources appear that regulators from the HKEX had assorted issues with the company’s business model. Unless the Hangzhou-based Canaan refiles its IPO appliance forth with adapted banking information, the IPO ability not appear afresh in 2024.
At the outset, Canaan’s projections for the accessible auction stood at $1 billion. However, the aggregation revised its target, blurred it appreciably to $400 million. This account comes amidst Wednesday’s bead that saw cryptocurrency prices abatement by an boilerplate of 12 percent.
Canaan isn’t the alone Bitcoin mining accouterments maker planning a accessible sale. Both Ebang and industry behemoth, Bitmain additionally accept pending IPO filing applications with the HKEX. An central antecedent told Reuters that Ebang’s IPO was absurd to appear in 2018.
For Bitmain, the aggregation continues to acknowledge to questions from both the HKEX and Hong Kong’s banking regulator – the Securities and Futures Commission (SFC).
In August, Bitcoinist reported that Bitfury, addition Bitcoin mining aggregation additionally planned to accompany an IPO.
Hong Kong Pursuing Cryptocurrency Regulations
Meanwhile, in Hong Kong, contempo letters advance that banking regulators plan to accompany a added able-bodied authoritative mural for the bounded cryptocurrency industry. In October, above SFC chief, Carlson Tong Ka-shing said the SFC’s charge was to adequately regulate the industry after harming the advance of cryptocurrency companies.
For Tong, broker aegis ranked accomplished amid the account of priorities for the SFC back it came to cryptocurrency regulation. Echoing Tong’s sentiments, Ashley Alder additionally afresh acclaimed that the SFC capital to action complete aegis for basic bill investors in Hong Kong.
Presently, the SFC is aggravating to expand its authoritative blank to awning cryptocurrency businesses whether they accord in balance or not. Also, the SFC is answer the conception of licensing requirements for cryptocurrency barter platforms operating in Hong Kong.
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