The second largest Chinese producer of bitcoin mining equipment Canaan Creative intends to hold an initial public offering (IPO) on the Hong Kong Stock Exchange. The company is going to raise $ 1 billion, South China Morning Post reports.
According to the publication, the final decision regarding the listing on the Hong Kong stock exchange has not yet been made.
In 2016 and 2017, Canaan Creative, based in Hangzhou, planned to conduct an IPO on the Chinese market, but could not do so because of regulatory barriers. It is also known that previously, as an alternative, Canaan considered American sites. Now, it can become the first blockchain company that went to the Hong Kong stock market.
According to the data released in January, Canaan Creative's annual profit was 410 million yuan ($ 64 million), which is 600% more than the profit for 2016.