This website requires JavaScript.
Daily Briefing

Cryptocurrency miner Canaan lets Hong Kong IPO application lapse

Nov 17, 2018 by The Passage Team
Cryptocurrency miner Canaan lets Hong Kong IPO application lapse

Canaan Inc, one of the world’s leading cryptocurrency mining equipment makers, has let its application for a Hong Kong IPO of at least USD 400 million lapse, casting doubt on the prospects for other Chinese makers of bitcoin mining gear.

Canaan’s application lapsed on Thursday six months after it was filed, the Hong Kong stock exchange’s website showed, amid optimism in the sector despite regulatory uncertainty and a slumping bitcoin price.

Hangzhou-based Canaan had been targeting at least USD - down from a figure of up to USD 2 billion touted earlier this year by people involved in the deal. However, sources close to the deal said the stock exchange and regulators had many questions about its business model and prospects.

Source: Reuters

The Passage Team

The Passage is committed to creating in-depth content over technology industry across Asia with a focus on emerging startups in the technology, healthcare, education, food, tech, travel & mobility segments.

Follow The Passage Team