Canaan Creative Mulls Over Reapplying for IPO

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Canaan Creative, the second largest crypto mining hardware manufacturer, is reportedly considering reapplying for a public listing on the Shanghai Stock Exchange’s (SSE) newly established registration-based IPO system, the Sci-Tech Innovation Board, Finance Magnates reported March 28.

Citing a cryptocurrency news site, the report noted that while the firm is contemplating over possibly applying for an initial public offering (IPO) again, Canaan has yet to make a final decision whether or not to push through with the plan.

The SSE’s new innovation board was initially launched earlier this month in an effort to assist tech startups in raising funds from the public market.

Also this month, the Beijing-based firm had reportedly raised “several hundred million US dollars” after completing its latest funding round, though the precise amount has not been disclosed by Canaan.

According to an undisclosed source cited in the report, Canaan is still currently mulling over applying for an initial public offering (IPO) both in the U.S. and in China, with plans to finalize its decision within this year following negotiations with two US-based stock exchanges, Nasdaq and the New York Stock Exchange.

The manufacturer behind the Avalon Bitcoin miner first disclosed plans of going public back in 2016 when it initially filed for an IPO with China’s yuan-denominated A-share market through a reverse takeover of Shandong-based electric equipment maker Luyitong. However, regulatory uncertainties validating the acquisition posed a hindrance to the firm’s attempt to become publicly traded.

Following the firm’s botched effort to go public, Canaan tried to apply for a public listing with China’s “New Third Board” market but has also consequently failed. Thereafter, the company has again filed for an IPO application with the Hong Kong Stock Exchange (HKEX) but has later lapsed after six months, along with another IPO application submitted by Bitmain, the world’s largest crypto mining hardware manufacturer.