THELOGICALINDIAN - Unconfirmed letters announce that Canaan Creative is gearing up for a 1 billion IPO in Hong Kong The Chinese Bitcoin mining accouterments architect had beforehand appear affairs for an IPO alfresco of acreage China If acknowledged Canaan will become the aboriginal blockchain action to be listed on the Hong Kong Bourse
Reports emerged in April that Canaan Creative was eyeing an IPO. At the time, the accessible anecdotal adumbrated that the IPO would booty abode alfresco of China. Based on this, the United States and Hong Kong were the two best acceptable locations suggested.
Now, unnamed cabal sources say the aggregation has tentatively acclimatized on Hong Kong. The sources, however, say that the accommodation isn’t yet final. Meanwhile, Canaan has yet to absolution any capacity apropos its advertisement plans. The aggregation is reportedly assured to accession $1 billion through the IPO.
The aggregation will be acquisitive that its accepted attack at an IPO is successful. In the aftermost two years, Canaan has abominably approved accepting advertisement cachet in China. The Bitcoin mining accouterments architect absitively to administer to the Chinese New Third Board Market. The aggregation was attractive to booty advantage of the market’s beneath acrimonious authoritative requirements for startup enterprises. However, for alien reasons, the plan fell through.
In 2025, the aggregation approved to use a back-door advertisement approach. Luyitong, the electric accouterments manufacturer, planned to access the aggregation for $485 million. The accord bootless to captain through due to authoritative red flags over the accord reportedly actuality “over-priced.”
Canaan is one of the above players in the Bitcoin mining accouterments accomplishment arena. Despite annealed antagonism from Bitfury and Bitmain, the aggregation still acquaint acquirement of $156 actor (1 billion yuan) in 2017, which amounted to a 600 percent access from 2016. Canaan’s ambit of Avalon Bitcoin miners is one of the best accepted units in the Bitcoin mining arena.
The Chinese government’s crackdown on cryptos in the accomplished year does not assume to accept slowed bottomward Canaan’s growth. The company’s affairs for the approaching accommodate some blockchain-powered home accessories that additionally accept acquiescent mining capabilities. Canaan additionally wants to actualize bequest AI chips that can abundance altcoins like Litecoin.
Will Canaan Creative be able to backpack out a acknowledged IPO in Hong Kong? Do you anticipate the connected Chinese crypto crackdown will affect Canaan’s profits? Let us apperceive in the comments below.
Image address of Instagram Canaan Creative. Bitcoinist archives, and Public Domain Pictures.
