Bitcoin chip designer seeks IPO in HK to raise U.S. bln

Updated 2018-05-10 09:40:03

Canaan Creative, China's second-largest bitcoin mining device maker, plans an initial public offering in Hong Kong to raise U.S. billion, media reported today.

If Canaan is listed, it will become the first pure Bitcoin and blockchain-related firm listed in China, which has blocked personal Bitcoin and ICO (initial coin offerings) trading.

Hangzhou-based Canaan Creative, which offers Avalon Bitcoin mining machines, plans to issue the IPO in Hong Kong to raise U.S. billion, the South China Morning Post reported today, citing an identified sources.

Canaan Creative was not available to comment on the issue today.

Canaan had previously said it was considering a listing on the Chinese mainland, Hong Kong or the United States.

A final decision has not been made and things can still change, SCMP reported.

A top China Securities Regulatory Commission official visited the company last month and "welcomed" it to list domestically after the Chinese government's call to develop domestic chip technologies amid U.S. sanctions against ZTE.

"You are essentially a chip firm. You are welcome to issue IPO in the domestic markets," said Jiang Yang, vice chairman of CSRC.

Bitmain and Cancan, both from China, are the top two Bitcoin mining machine vendors globally. They design chips specially for Bitcoin mining.

Besides Bitcoin mining, the machines and chips can be used in blockchain technologies, which are adopted in finance, logistics and other sectors.

China strengthened regulations on crypto-currencies, including Bitcoin and ICOs, and shut down Bitcoin trading platforms domestically.

In 2017, Canaan's revenue was 1.2 billion yuan (U.S.0.5 million), 20 times the 2015 level. Profit last year was 300 million yuan, sharply up from 2.45 million yuan in 2015.

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