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Canaan seeks IPO approval in US after being dump by Hong Kong

canaan seeks ipo in united states

Mining hardware manufacturer Canaan is planning to have an Initial public offering (IPO) in the United States. Sources claimed that personnel involved in the development have stated that the project can be started within the next six months although it is in its early stages at the moment.

Canaan previously tried to raise $1 billion in Hong Kong through an IPO. However, it could not fulfill the goal and collapsed with their application on the Hong Kong Stock Exchange (HKEX). The United States, on the other hand, is a completely different ball game and with Wallstreet investors eyes promising projects, the mining hardware may just be a hit.

Another reason Canaan may be successful in the US is the bill President Donald Trump approved classifying mining hardware from China in a new category that imposed a two percent tax on the hardware. The US may just tie in country mining to the IPO forcing Canaan to produce mining hardware within the country.

Other firms like Bitmain and Ebang have filed IPO applications with HKEX but have not received approval yet. Sources reported that one of the delegates in the Bitmain report stated the stock exchange is very hesitant in approving requests for Cryptocurrency projects, as the industry is highly unstable. On the hand, Ebang has refilled its draft but modified it to state the ‘significant decrease’ in gross profit the firm has seen in Q3 2018.

Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

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