A major Chinese mining equipment manufacturer, Canaan Creative, has filed an official application with the U.S. Securities and Exchange Commission for an IPO on the NASDAQ American stock exchange.
The application, filed October 28 with the US Securities and Exchange Commission (SEC), states that Canaan intends to place its shares on the NASDAQ exchange under the ticker CAN. During the public offering (IPO), the company plans to raise $ 400 million.
The company had previously filed for IPOs in China and Hong Kong, but they were rejected due to market uncertainty. Canaan is the third largest Chinese manufacturer of mining equipment after Bitmain and Yibang International, and, if the application is approved, the company will be the first to enter the US stock market.
In late July, it was reported that Canaan Creative “secretly” filed for an IPO in the United States, and earlier this month it became known that the company plans to publicly place its securities on the US stock exchange in mid-November this year.