Crypto Mining Giant Canaan Creative Set to Rake in $100 Million in Upcoming IPO
A Chinese crypto mining company has announced terms and applications for its US-based Initial Public Offering (IPO), that is set for this month. Canaan Creative told Renaissance Capital that it had plans to raise up to $100 million in the IPO. Meanwhile, the company was planning to offfer approximately 10 million American Depositary shares (ADS) for a price range of between $9 - $11. Potentially positioning the firm’s overall market value to something like $1.6 billion, and an enterprise valuation of $1.4 billion.
ADS denotes a US-dollar denominated equity share of a foreign based firm; that is available for purchase on the American stock exchange.
SEC filing for China-based mining firm
Canaan Creative files initially filed with the US Securities and Exchange Commision in October for an IPO; with the intention of raising more than $400 million. The firm has plans to be listed on the Nasdaq under the dub tickert CAN. If all goes well, Canaan Creative could become the first China-based mining company to attain public trading in the United States. The firm also revealed its third quarter (Q3) net profit as part of its registeration to conduct an IPO, to be 94 million yuan ($13 million). Nevertheless, the company had also generated a net revenue of more than $134 million the first nine months of 2019. Weaker performance earlier on in time positioned the company’s total comprehensive income loss to around $31 million.
Leading Chinese Crypto mining giants
Alongside Bitmain and Yibang, Canaan Creative is among the three leading crypto mining giant companies in China. Initially, the firm had attempted to launch an Initial Public Offering in Hong Kong and China. Unfortunately both attempts failed following regulatory concern over the company’s business model and financial outlook. On the other hand; Bitmain, a mining company that enjoys upto 75% market share of the global crypto hardware, failed in launching an IPO.
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Richard M AdrianBlockchain Analyst with a demonstrated history of working in the writing and editing industry. Skilled in WordPress, Editing, SEO Copywriting, Copy Editing, and Blog Marketing. When I am not writing, analyzing bulls/bears - I will be listening to music, reading a thrilling novella or hiking. Email me at Richardmadrian@gmail.com - And we could talk about anything - business or dragons.
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