Mining

Chinese mining rig maker Canaan reportedly shelves Hong Kong plans, eyes U.S. IPO

January 8, 2019, 10:35AM EDT

China’s second-biggest Bitcoin mining chip maker Canaan has reportedly abandoned their plans for a Hong Kong initial public offering in favor of a U.S. listing, Bloomberg writes. After the company’s Hong Kong Stock Exchange application lapsed in November, Canaan reportedly decided to give up on the plan of going public in Hong Kong. Citing an anonymous source, Bloomberg claims the “Avalon” hardware manufacturer is in the early stages of deliberations for a U.S. IPO, which could be launched within the first half of the year.

Canaan’s biggest competitors, Bitmain and Ebang, had also filed for Hong Kong IPOs back in 2018, but neither of them has received approval to this date.