Deals
Bitcoin Mining Rig Maker Canaan Files for $1 Billion IPO
- China’s Canaan Creative aims to start trading as early as July
- Firm seeks first Hong Kong IPO from cryptocurrency industry
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Canaan Creative, the world’s second-biggest maker of Bitcoin mining hardware, submitted an application for an initial public offering that could raise about $1 billion, people with knowledge of the matter said.
The Chinese company aims to start trading in Hong Kong as soon as July, said one of the people, asking not to be identified because the size and timing of the IPO haven’t been announced publicly. The group had revenue of 1.3 billion yuan ($203.8 million) in 2017 while profit surged sixfold to 361 million yuan, the company’s Cayman Islands-based parent, Canaan Inc., said in a filing Tuesday.