Canaan Creative, China’s second-largest bitcoin mining hardware manufacturer, plans to raise $1 billion through an initial public offering (IPO) on the Hong Kong Stock Exchange (SEHK).
The reported on Wednesday that the Hangzhou-based firm will be the first blockchain startup to list on the SEHK, though sources also say that a final decision has not yet been made.
Previously, Canaan had holding an IPO in the US, and Chairman Kong Jianping said that the firm was also considering a secondary listing on the Chinese mainland, perhaps through the Shanghai Stock Exchange.
If Canaan successfully raises $1 billion, it will mark a nearly 100 percent increase from the $523 million valuation it received in 2016 at the conclusion of a $43 million Series A funding round.
Canaan said last month that it produces 20 percent of bitcoin mining rigs sold globally, and unaudited reports from the company indicate it made a $64 million net profit in 2017. The firm has said that expects year-over-year gross revenue to jump by more than 700 percent to 10 billion yuan ($1.57 billion) in 2018.
Most of that remaining market share belongs to Bitmain, who also produces mining rigs for a variety of other mining algorithms, including those used by ethereum, litecoin, and most other major Proof-of-Work (PoW) altcoins.
As CCN , Bitmain is said to have raked in as much as $4 billion in operating profit last year, ranking it favorably with chipmaking giant Nvidia — a firm that is currently valued at $153 billion.
Despite these astronomical profits, the secretive firm often manages to fly under the radar, and founder Jihan Wu was not even named in the inaugural .
In March, reports emerged that Bitmain was through Washington-based subsidiary Ant Creek, and the firm has also revealed plans to expand into other regions including Canada and Switzerland.
Featured Image from Shutterstock.
Follow us on .
Advertisement
Published at Wed, 09 May 2018 17:57:52 +0000
bitcoin Companies
