Bitmain’s Biggest Bitcoin Mining Rival Plots $1 Billion Hong Kong IPO

  • 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 South China Morning Post 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 mulled 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.

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