2nd Largest Chinese Bitcoin Mining Hardware Manufacturer Seeks $1 Billion IPO on Hong Kong Stock Exchange

China’s second-largest Bitcoin mining hardware manufacturer, Canaan Creative, is seeking to launch their Initial Public Offering (IPO) within the Hong Kong stock exchange. This reported by the South China morning Post on May 9.

The company is currently seeking to raise $1 billion for its IPO and had considered both Hong Kong and US marketplaces. If successful, this would make Canaan Creative the first blockchain company to be listed on Hong Kong’s city markets.

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The company states that the vast majority of their clients come from China which has always remained as a crypto mining powerhouse due to its cheap supply of electricity.

Also worth noting, China has been reported to have the most patent filings for blockchain technology out of any country worldwide. Their blockchain patents account for 50 to 70% of Bitcoin mining worldwide.

Recent strict Chinese regulations have cracked down on the potential power usage of Bitcoin mining. This could significantly impact Canaan and their rivals like Bitmain.

The Bitcoin manufacturing giant, Bitmain, has attempted to circumvent these restrictions by Chinese authorities by extending its operations to other countries. Singapore, Canada, Switzerland are just a few other countries that welcome form Bitcoin mining operations.

Canaan may one day consider expanding its operations to these other countries, as well as the US, if Chinese power usage restrictions ensue.

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