Cryptocurrency Miner Canaan Lets Hong Kong IPO Application Lapse

Canaan, one of the world’s largest manufacturers of cryptocurrency mining hardware, has reportedly let its application for a Hong Kong IPO of at least $400 million lapse, casting doubt on the prospects for other Chinese miner makers seeking for Hong Kong IPO, according to Reuters.

Canaan’s application lapsed on Thursday, six months after it was filed, as the Hong Kong stock exchange’s website showed. Sources close to the matter said the stock exchange and regulators had many questions about its business model and prospects.

The source said the IPO would not happen this year as there was no update from the stock exchange for a listing hearing, but Canaan could refile its IPO application with updated financial information if it planned to resume the process.

Hangzhou-based Canaan has been targeting to raise at least $400 million, down from a figure of up to $1 billion touted earlier this year by people involved in the deal.

Led by the Avalon maker Canaan, the other two world’s largest bitcoin mining equipment makers – Ebang and Bitmain, have all submitted their initial public offerings to Hong Kong exchange to raise billions of dollars this June and September, respectively.

Ebang and Bitmain also have their IPO applications pending with the Hong Kong stock exchange, and one direct source said the Ebit maker Ebang’s listing would likely not take place this year either. A previous report by 8btc may give a hint about it for Ebang is currently being involved in a P2P financial crime.

And Bitmain is still in the process of answering questions from both the exchange and the Securities and Futures Commision (SFC), stated in the Reuters report.

As of press time, an anonymous investor of Canaan confirmed the news and told 8btc its IPO would not be in time to happen this year; the two other bitcoin miner makers have yet made no comment on the issue.

Currently bitcoin is worth $5,651, dropping over 70% from its all-time high of close to $20,000 in late 2017. This news no doubt will trigger another stir in the crypto community following the recent BCH hard fork buzz. Uncertainties and chaos co-exist in the crypto space, but this is also the crypto charm.

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