Canaan Creative, Chinese Crypto Mining Equipment Maker, Lets IPO Lapse

 
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One of the largest cryptocurrency mining equipment makers in the world, Canaan Creative, has apparently let its initial public offering (IPO) application lapse. The offering was meant to take place on the Hong Kong Stock Exchange (HKEX).

Canaan Creative manufactures application-specific integrated circuits (ASICs) for cryptocurrency mining. The company’s revenue and profits have grown tremendously over the years. Specifically, Canaan had revenue of over 1.3 billion yuan ($187 million) in 2017. This resulted in a profit of $52 million, which was over 200 times the profit made in 2015.

The company’s application lapsed six months after it was filed. In March, the company confirmed that its IPO filing was backed by major banks. Bloomberg reported that the company was seeking to raise around $1 billion, and the IPO was anticipated as the first cryptocurrency-related Hong Kong IPO.

The news comes after there are doubts arising regarding Bitmain, the world’s largest Bitcoin mining company, is restructuring ahead of its own IPO. In addition, many have pointed out that Bitmain has made some questionable business decisions, as well, such as stockpiling Bitcoin Cash.

From HKEX Website

An executive director at Canaan Creative declined to comment. The company could rebid by updating financial information, although it is unclear whether it will choose to do so at this time.