Canaan Creative Reportedly Considering to File for an IPO Again

The firm has made multiple failed attempts to list itself in China and Hong Kong.

Chinese crypto miner-manufacturer Canaan Creative is planning to attempt again to list itself publically, claims Coindesk.

After a few failed plans, the primary shareholders of Canaan Creative are now laying out a plan to list its stocks on the newly created Science and Technology (Sci-Tech) Innovation Board within the Shanghai Stock Exchange, according to the Coindesk report published on March 27.

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However, no final decision on the plan has been taken yet, the source of the publication confirmed.

The innovation board of the Shanghai Stock Exchange was launched at the beginning of this month. The aim behind this is to help domestic tech startups raise funds more easily from the public market.

Earlier this month, reports surfaced that the second largest crypto mining hardware manufacturer has raised “several hundred million US dollars” in a funding round. However, the company did not officially declare any figures.

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Coindesk, based on the accounts of another source, also claimed that Canaan is considering to file initial public offering (IPO) applications in both China and the US. Reportedly, the mining giant is already in talks with two US-based stock exchanges – the New York Stock Exchange and Nasdaq – and is about to finalize its plan by the end of this year.

Canaan’s IPO Saga

The Avalon-branded Bitcoin miner maker has been pushing to list itself publically for several years now. In 2016, the company tried to gain a listing in China’s yuan-denominated A-share market by buying Shandong-based electric equipment maker Luyitong, but regulatory doubts with the validation of the deal became an obstacle.

Another listing attempt of the firm in China’s “New Third Board” market also failed for undisclosed reasons.

The Chinese firm, however, did not lose its will and filed for an IPO at the Hong Kong Stock Exchange (HKEX) which lapsed after six months as it did not receive a hearing date from the exchange.

The IPO application of Bitmain, the largest crypto miner-manufacturer, also lapsed on March 26 at HKEX as the exchange did not take any actions on the filing.

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