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Canaan Creative Co. Ltd, the Chinese company behind the Avalon lineup of hardware equipment which produces ASIC mining chips and rigs, is reportedly considering launching an initial public offering (IPO) in Hong Kong or the US markets.
The company has faced difficulties with getting its stocks listed on mainland Chinese marketplace in the past and now feels that the process in its home country is just too long. Co-chairman Jianping Kong said: “We … prefer listing outside mainland China as we are in a global business.” Canaan also claims that the harsh approach toward bitcoin taken by the government has nothing to do with its decision to look abroad. Kong added that they may later pursue a secondary listing in China by issuing depository receipts.
The company has faced difficulties with getting its stocks listed on mainland Chinese marketplace in the past and now feels that the process in its home country is just too long. Co-chairman Jianping Kong said: “We … prefer listing outside mainland China as we are in a global business.” Canaan also claims that the harsh approach toward bitcoin taken by the government has nothing to do with its decision to look abroad. Kong added that they may later pursue a secondary listing in China by issuing depository receipts.
Usually when companies go public, it means that the founders want to cash out...