[2019-10-29] Avalon Bitcoin Miner Maker Canaan Officially Files for $400 Million - page 2.

hello_good_sir

hero member

Activity: 1008

Merit: 531

Quote from: Kemarit on October 29, 2019, 06:22:13 PM

Quote from: Theb on October 29, 2019, 01:53:32 PM

Might be a bad timing for Chinese companies in particular to go public in the United States especially when there is a silent trade war going on with both countries. They are not even a public company in their own company yet and they still strive to go public in a foreign country where they are enemies with. I know that ones filed with their attractive IPO they'll get those US investors' money pouring in but the question is will the US SEC let them to do so? They might have a slim chance on this one but I won't get my hopes up especially when this news about an IPO started in February this year.

Good point, but perhaps Canaan wanted to be the first and is willing to take the risk to bring their IPO stateside so maybe, just maybe they could end up successful in the long run. The ball is now on the SEC, they have filed all the necessary documents all they can do it wait. Of course upon approval this can really put a lot of positive vibes in the market and competitions between Bitmain and Canaan will go on the next level. Speaking of Bitmain though,

(https://www.coindesk.com/bitmain-turmoil-co-founder-and-director-micree-zhan-ousted-from-management)

It's a very, very risky move for sure. Another massive Chinese mining company, that wants to IPO in the US and get American money to build another mining facility and then take up more of the hash rate? I can't really see the SEC or the government letting them do something like this, especially with all the tension and how much China is already dominating.

Quote from: CryptoBry on October 29, 2019, 10:26:12 PM

Quote from: Yaunfitda on October 28, 2019, 08:38:38 PM

Not the first one though, I remember that Bitmain has filed an IPO way back last year on the Hong Kong Stock Exchange but their application expired in March 2018 (and I think this contributes to Jihan leaving Bitmain) and then filed on US soil this June 2019.

However, Canaan, obviously a competitor has change the landscape again, so it's going to be interesting as to who's going to win in this race, the stakes are high here, and I do hope that it will bring a positive effect on the market.

I remember that Bitmain made a lot of buzz and splash with its IPO months ago. This time around, it is the turn of Canaan to offer its shares to the public. One of the subtle benefits with this is the sentiment that Bitcoin mining must be still a very bright industry with some more potential to exploit and of course, big money to be made. We don't know, however, how the marketplace will be receiving the Canaan IPO. I also notice there are are big news relative to Bitcoin mining these past many days. And this is happening just as the Bitcoin community is awaiting for the coming rewards halving in 2020. May I ask people here: Given the chance to buy some Canaan shares, would you do it and why?

Bitmain's IPO was huge as well, and I don't feel like it'll be better then this one if it goes through, I feel like Chinese investors are just waiting for one of their own projects to dump money in and this really looks like it.

CryptoBry

sr. member

Activity: 1008

Merit: 355

Quote from: Yaunfitda on October 28, 2019, 08:38:38 PM

Not the first one though, I remember that Bitmain has filed an IPO way back last year on the Hong Kong Stock Exchange but their application expired in March 2018 (and I think this contributes to Jihan leaving Bitmain) and then filed on US soil this June 2019.

However, Canaan, obviously a competitor has change the landscape again, so it's going to be interesting as to who's going to win in this race, the stakes are high here, and I do hope that it will bring a positive effect on the market.

I remember that Bitmain made a lot of buzz and splash with its IPO months ago. This time around, it is the turn of Canaan to offer its shares to the public. One of the subtle benefits with this is the sentiment that Bitcoin mining must be still a very bright industry with some more potential to exploit and of course, big money to be made. We don't know, however, how the marketplace will be receiving the Canaan IPO. I also notice there are are big news relative to Bitcoin mining these past many days. And this is happening just as the Bitcoin community is awaiting for the coming rewards halving in 2020. May I ask people here: Given the chance to buy some Canaan shares, would you do it and why?

Kemarit

legendary

Activity: 3080

Merit: 1353

Quote from: Theb on October 29, 2019, 01:53:32 PM

Might be a bad timing for Chinese companies in particular to go public in the United States especially when there is a silent trade war going on with both countries. They are not even a public company in their own company yet and they still strive to go public in a foreign country where they are enemies with. I know that ones filed with their attractive IPO they'll get those US investors' money pouring in but the question is will the US SEC let them to do so? They might have a slim chance on this one but I won't get my hopes up especially when this news about an IPO started in February this year.

Good point, but perhaps Canaan wanted to be the first and is willing to take the risk to bring their IPO stateside so maybe, just maybe they could end up successful in the long run. The ball is now on the SEC, they have filed all the necessary documents all they can do it wait. Of course upon approval this can really put a lot of positive vibes in the market and competitions between Bitmain and Canaan will go on the next level. Speaking of Bitmain though,

(https://www.coindesk.com/bitmain-turmoil-co-founder-and-director-micree-zhan-ousted-from-management)

hello_good_sir

hero member

Activity: 1008

Merit: 531

400 million. What the fuck? Only ICO I can think of that is bigger then that would be the telegram one, which raised over 1 Billion - but they are way bigger than this company.

Pretty sure they will hit it as well, it's a very good time for Chinese companies and investors, the market is really starting heat up for China, it's all been good news for them this week.

Not sure about their choice of country. Why would a Chinese mining company be filing for an IPO in America, especially with so much tension between the 2 companies, not sure why they wouldn't just go back to China, what does everyone think?

Theb

hero member

Activity: 1680

Merit: 655

Might be a bad timing for Chinese companies in particular to go public in the United States especially when there is a silent trade war going on with both countries. They are not even a public company in their own company yet and they still strive to go public in a foreign country where they are enemies with. I know that ones filed with their attractive IPO they'll get those US investors' money pouring in but the question is will the US SEC let them to do so? They might have a slim chance on this one but I won't get my hopes up especially when this news about an IPO started in February this year.

Yaunfitda

hero member

Activity: 2870

Merit: 594

Avalon Bitcoin Miner Maker Canaan Officially Files for $400 Million US IPO

Quote

Canaan Creative, the Avalon bitcoin miner maker and one of the world’s largest mining equipment manufacturers, has just formally filed another attempt to go public – this time in the U.S.

Canaan’s initial public offering prospectus filed with the U.S. Securities and Exchange Commission (SEC) on Oct. 28 indicates it intends to list on NASDAQ under the ticker name CAN and sets a placeholder amount of $400 million for the raise. The final amount of intended raise, valuation and price per share offering have not been decided at this stage.

The filing shows the Hangzhou, China-based bitcoin miner maker lost $45.8 million for the six months ending June 30, 2019, on net revenue of $42.1 million, compared to $25 million profit on net revenue of $275 million for the first half of 2018.

Canaan said net income in full year 2018 was $8.3 million on net revenue of $394 million, as the bitcoin price plunged in the second half of 2018 from above $6,000 to around $3,000, causing many bitcoin miners to be unprofitable to operate.

https://www.coindesk.com/avalon-bitcoin-miner-maker-canaan-officially-files-for-400-million-us-ipo

Not the first one though, I remember that Bitmain has filed an IPO way back last year on the Hong Kong Stock Exchange but their application expired in March 2018 (and I think this contributes to Jihan leaving Bitmain) and then filed on US soil this June 2019.

However, Canaan, obviously a competitor has change the landscape again, so it's going to be interesting as to who's going to win in this race, the stakes are high here, and I do hope that it will bring a positive effect on the market.

Here is the official document: https://www.sec.gov/Archives/edgar/data/1780652/000119312519276263/d773846df1.htm

Topic: [2019-10-29] Avalon Bitcoin Miner Maker Canaan Officially Files for $400 Million - page 2. (Read 351 times)