China Bitcoin Miner Canaan Creative Will Do Hong Kong IPO

Investing, News, Regulation | May 9, 2018 By:

The second-largest bitcoin mining firm in China, Canaan Creative, will host an initial public offering (IPO) on the Hong Kong Stock Exchange, bypassing a US listing, according to the South China Morning Post.

If the IPO goes through, Canaan would be the first blockhain related ccompany on the Hong Kong market. Canaan has not publicly disclosed its plans for the IPO, which reportedly seeks to raise a billion dollars.

The listing would be the second attempt at the Hong Kong market for Canaan, which tried in 2016 to list an IPO on China’s yuan-denominated A-share market. That deal was scuttled by regulators, who scoffed at the company’s planned valuation. Canaan also tried to a listing on China’s “New Third Board” market in 2017, but again had it stopped by regulators.

Canaan Creative is based in the eastern Chinese city of Hangzhou.