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CHINESE MINER MANUFACTURER CANAAN FILES IPO WITH $200 MILLION GOAL

Canaan Creative, China’s second-largest mining equipment manufacturer, is planning a public offering (IPO) in the United States in November 2019.

According to 8BTC, a Beijing-based company issues 126 million securities, which will be closed by October 20. A request for an initial public offering of shares in the amount of $ 200 million to the US regulatory authorities the company filed in July.

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Despite the fact that Canaan is less well-known in the West than its competitors, such as Bitmain and Ebang International, it remains one of the three main Chinese players in the mining equipment market.

If the IPO is held, then Canaan Creative will significantly outperform its competitors. Bitmain Technologies and Ebang International also filed for an IPO in Hong Kong last year, but abandoned their listing plans for HKEX.

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The prospectus also showed that the three members of the Canaan Creative founding team own more than 50% of the shares, and its distribution among them was very even, since the founder and CEO of NG Zhang owned 17.6%, the co-founder and CFO – 17.2%, and the founder ( mainly responsible for technology) occupied 17.61%.

However, these statistics no longer coincide with the fact that Canaan co-founder Xiangfu Liu left the company in February this year. According to some reports, Xiangfu Liu left due to disagreements with the overall strategy of the company.

Hong Kong Stock Exchange’s list of apps by Yibang International and Bitmain in Hong Kong has also been invalidated. Now Bitmain is also expected to officially file an IPO in the US in the near future.

Now listing on the yet unknown US stock exchange means that Canaan will be the first participant in the Chinese market to successfully enter the US market, according to media reports.

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