Canaan Files For $1 Billion IPO

Canaan Creative, the second -biggest maker of bitcoin hardware plans to start trading initial public offerings in Hong Kong. The company submitted an application for an initial public offering (IPO) that could reach $1 billion.

Canaan controls about fifteen percent of bitcoin chips and hardware equipment market. The Chinese company thus creates further competition with its Chinese rival Bitmain with this move.

Canaan opted to pursue a Hong Kong IPO instead of listing on China’s National Equities Exchange and Quotation. The final details of the IPO preparations remain unknown and it is possible the details of the IPO may change later.

Sponsors Of Canaan Creative’s IPO Project

Major investment banks remain leading IPO sponsors to date. It is believed that having the endorsement of institutional investors provides a measure of safety to investment decisions.

Morgan Stanley, Deutsche Bank AG, Credit Suisse Group AG and CMB International Capital Ltd appear on the IPO filing as major sponsors. The banks declined to comment on this major decision and the company did not comment as well.

Canaan Creative hopes to add more products to its portfolio including blockchain-powered home appliances and coin-mining televisions. The company is developing its own artificial intelligence chips and plans to introduce equipment to mine other cryptocurrencies.

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