Canaan Creative awaits approval of IPO on US Exchange

The well-known Chinese mining equipment manufacturer Canaan Creative plans to conduct a public offering (IPO) of securities on the American stock exchange in mid-November this year.

Rumors that Canaan “secretly” filed for an IPO with the US Securities and Exchange Commission (SEC) appeared in July. Sources familiar with the situation told 8btc that the company had recently completed all preparatory procedures.

If Canaan receives permission to publicly list shares on one of the American exchanges, it will become the first company from the Big Three of Chinese mining equipment manufacturers (Bitmain, Canaan and Ebang) to do so. Previously, all three companies have already tried to conduct an IPO in Hong Kong.

Canaan has been trying to conduct an IPO for the third year in a row, using the laws of different jurisdictions for this. Earlier, company manager Kong Jianping said that SEC representatives spoke positively about the prospects for cryptocurrency companies in the context of gaining public status in the United States.

A Hong Kong-based Canaan financial report said the company’s gross profit in 2015 was $ 2 million, in 2016 already $ 19 million, and in 2017 $ 88 million. According to various sources, the company sold 294,500 mining devices in 2017, which amounted to 20.9% of the global market. Canaan is the second largest miner in the world.