Chinese manufacturer of ASIC miners Canaan Creative will hold IPOs outside the country

Canaan Creative, one of the world’s leading manufacturers of equipment for mining cryptocurrency, and produces about a quarter of all ASIC miners, plans to hold an IPO.

Interest in the cryptocurrency continues to grow, as the excitement around mining. As a result, manufacturers GPU and ASIC miners are faced with increased demand for their products. Among them, Canaan Creative, which reported a significant increase in sales in 2017. Despite the fact that the cryptocurrency market is showing not the best performance from the beginning, miners continue to be optimistic about the future.

At the moment, the Chinese company plans IPO, and outside of the country. Possible areas to conduct are the US and Hong Kong. Co-chair Canaan Jianping kun (Jianping Kong) said about the decision of the company the following:

«We prefer to hold IPO outside of China, as we are an international company.»

Kuhn argues that such a decision has nothing to do with last year’s ban on the ICO, the work of cryptocurrency exchanges and increased pressure on the miners by the government of China. A company representative says that the main role in their choice was the fact that the listing on the stock exchanges of China takes too much time.

Despite the fact that Canaan is facing fierce competition from American companies Bitfury based in Beijing and the Chinese Bitmain, the organization reported revenues of more than 1 billion yuan in 2017. The company also plans to diversify its product line and to begin production of household appliances, which will run on the blockchain and can passively mine the cryptocurrency. The manufacturer plans to create its own chips in artificial intelligence systems and special mining equipment which produces altcoins such as litecoin.

 

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