Bitcoin maker seeks US$1b IPO in HK

Source: Xinhua | 2018-05-10

CANAAN Creative, China’s second-largest bitcoin mining device maker, plans an initial public offering in Hong Kong to raise US$1 billion, media reported yesterday.

If Canaan is listed, it will become the first pure Bitcoin and blockchain-related firm listed in China, which has blocked personal Bitcoin and ICO (initial coin offerings) trading.

Hangzhou-based Canaan Creative, which offers Avalon Bitcoin mining machines, plans to issue the IPO in Hong Kong to raise US$1 billion, the South China Morning Post said yesterday, citing an identified sources.

Canaan Creative was not available to comment on the issue yesterday.

Canaan had previously said it was looking at a listing on the Chinese mainland, Hong Kong or the US.

A final decision has not been made and things can still change, SCMP reported.

A top China Securities Regulatory Commission official visited the company last month and “welcomed” it to list domestically after the Chinese government’s call to develop domestic chip technologies amid US sanctions against ZTE.

“You are essentially a chip firm. You are welcome to issue IPO in the domestic markets,” said Jiang Yang, vice chairman of CSRC.