RATE Group | Cryptocurrency miner Canaan lets Hong Kong IPO application lapse as bitcoin falls to low…
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Cryptocurrency miner Canaan lets Hong Kong IPO application lapse as bitcoin falls to low…

15 Nov Cryptocurrency miner Canaan lets Hong Kong IPO application lapse as bitcoin falls to low…

Posted at 20:59h in Cryptocurrency News by

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HONG KONG (REUTERS) – Canaan Inc, one of the world’s leading cryptocurrency mining equipment makers, has let its application for a Hong Kong IPO of at least US$400 million lapse, casting doubt on the prospects for other Chinese makers of bitcoin mining gear.

Canaan’s application lapsed on Thursday (Nov 15), six months after it was filed, the Hong Kong stock exchange’s website showed, amid optimism in the sector despite regulatory uncertainty and a slumping bitcoin price.

Hangzhou-based Canaan had been targeting at least US$400 million – down from a figure of up to US$2 billion touted earlier this year by people involved in the deal.

However, sources close to the deal said the stock exchange and regulators had many questions about its business model and prospects.

The sources also said the IPO would not happen this year as there was no update from the stock exchange for a listing hearing.

Canaan could refile its IPO application with updated financial information if it planned to…

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